News & Analysis as of August 10, 2025

Exemptions

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

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SEC Extends Compliance Dates and Provides Temporary Exemption for Rule Related to Clearing of U.S. Treasury Securities

Mayer Brown Free Writings + Perspectives on 2/26/2025

On February 25, 2025, the SEC extended the compliance dates for Rule 17ad-22(e)(18)(iv)(A) and (B) under the Securities Exchange Act for eligible cash market transactions by one year to December 31, 2026, and for eligible...more

New Federal “M&A Broker” Exemption From SEC Registration in Certain Securities Transactions

Nelson Mullins Riley & Scarborough LLP on 2/21/2023

President Biden signed, on December 29, 2022, the Consolidated Appropriations Act, 2023, H.R. 2617 (the “2023 Act”). The 2023 Act amends the Securities Exchange Act of 1934 (the "Exchange Act") to exempt certain "M&A...more

“Finders” Operating in Massachusetts Should Beware the SEC’s Proposed Relief

Foley Hoag LLP - Public Companies & the Law on 1/4/2021

• The SEC recently proposed to exempt certain finders from federal requirements to register as a broker - • Massachusetts regulators are opposed to the relief and retain state remedies for unregistered broker activity - ...more

Revenge of the Rat Pack; SEC Proposes Finders Exemption

Polsinelli on 11/5/2020

The U.S. Securities and Exchange Commission (the “SEC”) recently proposed a new, conditional exemption from registration as a broker for individuals who are “finders” that connect accredited investors with issuers looking to...more

SEC Proposes Exemptive Relief for Finders

Morgan Lewis on 10/30/2020

While an SEC proposal to exempt “finders” from broker-dealer registration requirements is promising, potential hazards remain and interpretive questions may persist. ...more

SEC Proposes Conditional Exemption From Broker Registration Requirements For Finders Assisting Small Businesses With Capital...

Cole Schotz on 10/22/2020

Easing of restrictions may be on the way for smaller issuers seeking to rely on “finders” to assist with their capital raising efforts. On October 7, 2020, the U.S. Securities and Exchange Commission (the “SEC”) proposed a...more

SEC Proposed Exemption Offers Regulatory Clarity For Unregistered Finders

Cozen O'Connor on 10/14/2020

On October 7, 2020, the Securities and Exchange Commission (SEC) voted to provide much needed clarity to the regulatory status of so-called “finder” who assist small businesses in raising capital. In a 3-to-2 vote, the SEC...more

SEC Proposes Exemption from Broker-Dealer Registration for Finders Assisting Small Businesses with Capital Raising

Dorsey & Whitney LLP on 10/13/2020

On October 7, 2020, the Securities and Exchange Commission (”SEC”) proposed a new limited, conditional exemption from broker-dealer registration requirements of Section 15(a) of the Securities and Exchange Act of 1934, as...more

Divided SEC Votes To Propose “Finder” Exemption From Broker Registration

Goodwin on 10/12/2020

On October 7, 2020, the U.S. Securities and Exchange Commission (“SEC”) voted 3-2 to propose a conditional exemption (“Exemption”) to permit natural persons to engage in limited securities activities as “finders” on behalf of...more

SEC Proposes Finders Exemption

Troutman Pepper Locke on 10/9/2020

At the October 7, 2020 open meeting of the Securities and Exchange Commission (SEC), Chairman Jay Clayton announced that the Staff of the Commission proposed to grant exemptive relief, permitting natural persons to engage in...more

Temporary Exemption From Broker Registration for Municipal Advisors

Jones Day on 6/25/2020

The U.S. Securities and Exchange Commission ("SEC") has granted a temporary exemption from broker registration for certain activities by municipal advisors. On June 16, 2020, the SEC issued a temporary conditional...more

SEC Staff Issues CF Disclosure Guidance on Confidential Treatment Requests

Skadden, Arps, Slate, Meagher & Flom LLP on 1/17/2020

In December 2019, the Division of Corporation Finance (Staff) of the U.S. Securities and Exchange Commission issued new "CF Disclosure Guidance: Topic No. 7" (Guidance) regarding confidential treatment requests pursuant to...more

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