Bill
Bill > S3518
US S3518
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018
summary
Introduced
09/27/2018
09/27/2018
In Committee
09/27/2018
09/27/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018 This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that: receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer; engage on behalf of an issuer in a public offering of registered securities; engage on behalf of any party in a transaction involving specified shell companies; provide financing related to the transfer of ownership; assist any party to obtain financing from a third party in specified circumstances; represent both buyer and seller without disclosure and consent from both parties; facilitate a transaction with a group of buyers formed with the assistance of the broker; engage in transferring ownership to a passive buyer; bind a party to a transfer of ownership; or are subject to suspension or revocation of registration or to other specified disqualifications.
AI Summary
This bill amends the Securities Exchange Act of 1934 to exempt from its registration requirements merger-and-acquisition brokers that facilitate the transfer of ownership in privately held companies with earnings or revenues below certain thresholds. The exemption does not apply to brokers that engage in certain activities, such as receiving or holding funds or securities, participating in public offerings, or working with shell companies. Additionally, brokers are disqualified from the exemption if they are subject to certain regulatory actions or disqualifications. The bill also provides for periodic inflation adjustments to the earnings and revenue thresholds.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 09/27/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/3518/all-info |
| BillText | https://www.congress.gov/115/bills/s3518/BILLS-115s3518is.pdf |
| Bill | https://www.congress.gov/115/bills/s3518/BILLS-115s3518is.pdf.pdf |
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