3.0.0 3518 2023-01-11T13:41:18Z 2023-01-11T13:41:18Z Senate S 2018-09-27 115 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2018-09-27T16:26:23Z Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 115 477 HR 2017-12-11 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019 115 6147 HR 2018-09-07 Message on Senate action sent to the House. Related bill CRS Financial Services and General Government Appropriations Act, 2019 115 6258 HR 2018-06-28 Placed on the Union Calendar, Calendar No. 612. Related bill CRS JOBS and Investor Confidence Act of 2018 115 488 S 2018-07-18 Message on House action received in Senate and at desk: House amendments to Senate bill. Related bill CRS Financial CHOICE Act of 2017 115 10 HR 2017-07-13 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108. Related bill CRS 2018-09-27 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2018-09-27 Introduced in Senate IntroReferral 10000 9 Library of Congress P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI N K000393 Sen. Kennedy, John [R-LA] John Kennedy R LA Neely 2018-09-27 True Finance and Financial Sector Finance and Financial Sector 00 2018-09-27 Introduced in Senate 2018-11-01T14:18:01Z Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018

This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that:

  • receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer;
  • engage on behalf of an issuer in a public offering of registered securities;
  • engage on behalf of any party in a transaction involving specified shell companies;
  • provide financing related to the transfer of ownership;
  • assist any party to obtain financing from a third party in specified circumstances;
  • represent both buyer and seller without disclosure and consent from both parties;
  • facilitate a transaction with a group of buyers formed with the assistance of the broker;
  • engage in transferring ownership to a passive buyer;
  • bind a party to a transfer of ownership; or
  • are subject to suspension or revocation of registration or to other specified disqualifications.
]]> Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018 Display Title Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018 Official Title as Introduced A bill to amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies. Introduced in Senate IS Short Titles as Introduced Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018 Introduced in Senate 2018-09-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s3518is/xml/BILLS-115s3518is.xml 2018-09-27 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.