Bill > HR686

This bill, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015, amends the Securities Exchange Act of 1934 to exempt certain brokers who facilitate mergers, acquisitions, and sales of smaller, privately held companies from the requirement to register with the Securities and Exchange Commission (SEC). An "eligible privately held company" is defined as one that does not have publicly traded securities and meets certain financial thresholds, specifically having less than $25,000,000 in earnings before interest, taxes, depreciation, and amortization (EBITDA) or less than $250,000,000 in gross revenues in the preceding fiscal year. However, this exemption does not apply if the broker handles any funds or securities involved in the transaction or if they engage in a public offering of securities for the company. The bill also includes provisions for adjusting the financial thresholds for inflation every five years and clarifies that it does not limit the SEC's existing authority to grant other exemptions.