The Securities and Exchange Commission has issued its first-ever guidance for mergers and acquisitions brokers who facilitate transactions between buyers and sellers of privately-held companies, according to a report from Healthcare Transaction Advisors.
The SEC issued the guidance through a no-action letter released in January 2014. The letter states 10 requirements that, if met, mean an M&A broker may:
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The SEC issued the guidance through a no-action letter released in January 2014. The letter states 10 requirements that, if met, mean an M&A broker may:
- Negotiate the transaction
- Represent either (or both) the buyer and the seller
- Advertise a privately-held company for sale with a business description, general location and price range
- Receive transaction-based compensation without a limit on the size of the business
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