The North American Securities Administrators Association (“NASAA”) formally adopted a Model State Rule which, if adopted by each state, will exempt M&A Brokers from having to register as securities brokers … Continue reading NASAA Adopts Model M&A State Rule
In a major shift in policy with respect to the processing of customer checks by broker-dealers in subscription-way securities, the United States Securities and Exchange Commission (“SEC”) issued a No … Continue reading No-Action Guidance on Prompt Forwarding of Customer Funds with Subscription-Way Securities
In what appears to be a noteworthy departure from the Securities and Exchange Commission’s (“SEC”) long-held view that persons receiving transaction-based compensation in connection with facilitating the acquisition and or … Continue reading M&A Brokers Exempted From SEC Broker-Dealer Registration
The SEC has recently issued a No-Action Letter that extends the ability for a broker-dealer to treat an investment adviser as if it were subject to an Anti-Money Laundering Program (AML … Continue reading SEC Extends Broker-Dealer Reliance on CIPs of Investment Advisers