Bill > S1010

This bill, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015, aims to simplify the process for brokers involved in the transfer of ownership of smaller, privately held companies by exempting them from certain registration requirements under the Securities Exchange Act of 1934. This exemption, however, does not apply to brokers who handle funds or securities directly in these transactions, engage in public offerings of securities for an issuer, deal with "public shell companies" (companies with registered securities but little to no operations or assets), or have a history of regulatory issues or disqualifications. The bill also clarifies that it does not limit the Securities and Exchange Commission's (SEC) existing authority to grant exemptions. An "eligible privately held company" is defined as a private company whose securities are not registered with the SEC and which has annual earnings before interest, taxes, depreciation, and amortization below $25 million or gross revenues below $250 million in the preceding fiscal year. The bill includes provisions for adjusting these financial thresholds for inflation every five years.