Insights

M&A Brokers - No Safe Passage Through State Registration Requirements

Publisher: ABA Business Law Section's Blue Sky Bugle

March 1, 2017

Day Pitney Author(s) Eliza S. Fromberg

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."

In December 2022, Day Pitney represented Iridian Asset Management LLC, a Connecticut-based investment management firm in connection with the formation of Iridian Global Impact Fund LP, a long-only private fund which invests primarily in impact-oriented public companies consistent with the European Union’s SFDR Article 9 guidelines.

Day Pitney Public Pensions Team Represents a State Pension Fund in $500 million Investment in Fund of One

February 6, 2023

In December 2022, Day Pitney represented a state pension fund in connection with a $500 million investment in a closed-end "fund of one" formed by an asset management company focused on direct private credit opportunities in the form of senior, mezzanine and opportunistic loans to lower middle market companies.

Related Professionals

Eliza S. Fromberg

New York, NY
Email
T: (212) 297 5847

M&A Brokers - No Safe Passage Through State Registration Requirements

Recommended

Related Professionals