Insights
Day Pitney remains committed to providing quality legal counsel, while protecting our clients and employees, and transforming our communities into more just, equal and equitable spaces. For more information, please visit our COVID-19 Resource Center | Racial Justice and Equity Task Force.
Eliza Fromberg authored an article, "M&A Brokers - No Safe Passage Through State Registration Requirements" for the ABA Business Law Section's Blue Sky Bugle. In the article, she notes that while the SEC "M&A Brokers No-Action Letter" (issued on January 31, 2014 and revised on February 4, 2014) was "heralded as a sea-change for brokers facilitating private M&A transactions, the lack of a uniform exemption from broker-dealer regulation at the state level has taken the wind out of the sails of many brokers who might otherwise rely on the no-action letter." Fromberg notes that "Given the significant differences among states' treatment of M&A brokers, unlicensed business brokers seeking to rely on the M&A Brokers No-Action Letter are in for a rocky ride for the foreseeable future."
