Bill > S1923

This bill, titled the "Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2014," amends the Securities Exchange Act of 1934 to create an exemption from registration requirements for brokers involved in the transfer of ownership of smaller, privately held companies. This exemption applies to "M&A brokers" who facilitate transactions for "eligible privately held companies," defined as those not publicly traded and meeting certain financial thresholds (less than $25 million in earnings before interest, taxes, depreciation, and amortization, or less than $250 million in gross revenues). The bill clarifies that this exemption does not apply if the M&A broker handles client funds or securities, or if they engage in public offerings of securities for companies that are required to register with the Securities and Exchange Commission (SEC). The bill also includes provisions for adjusting the financial thresholds for inflation every five years and specifies that the changes will take effect 90 days after enactment.