Hogan Lovells Publications | Private Capital Insights | 14 October 2020

SEC proposes narrow broker-dealer registration exemption for finders

The U.S. Securities and Exchange Commission (SEC) proposed a new exemptive order on Wednesday, October 7, which would exempt certain "finders" from broker-dealer registration under Section 15(a) of the U.S. Securities Exchange Act of 1934 (the Exchange Act) that, if adopted, would provide a degree of clarity for intermediaries seeking to assist certain small and emerging private companies with capital formation.

Click here to learn more about the SEC's proposed new exemptive order.

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