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H.R. 686 114th Congress House

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015

Official title: To amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies.

Introduced: February 3, 2015 Introduced by: Bill Huizenga Republican · Michigan See on congress.gov
Finance and Financial Sector Banking and financial institutions regulationBusiness recordsCorporate finance and managementLicensing and registrations
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SecuritiesSmall business
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 7 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 28, 2016
Placed on the Union Calendar, Calendar No. 303.
Jan 28, 2016
Reported by the Committee on Financial Services. H. Rept. 114-400.
May 20, 2015
Ordered to be Reported by the Yeas and Nays: 36 - 24.
May 20, 2015
Committee Consideration and Mark-up Session Held.
Apr 29, 2015
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Feb 3, 2015
Referred to the House Committee on Financial Services.
Feb 3, 2015
Introduced in House
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 Latest action January 28, 2016

Placed on the Union Calendar, Calendar No. 303.

 Plain-English summary Congressional Research Service

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to exempt from its registration requirements certain merger and acquisition brokers and associated persons.

A merger and acquisition broker shall not be exempt from registration, however, if the broker: (1) receives, holds, transmits, or has custody of any funds or securities to be exchanged by parties to a transfer of ownership of an eligible privately held company; or (2) engages on behalf of an issuer in a public offering of securities that are either subject to mandatory registration, or with respect to which the issuer must file periodic information, documents, and reports.

Nothing in this Act shall be construed to limit any other authority of the Securities and Exchange Commission to exempt any person, or any class of persons, from any provision of this Act, including any related rule or regulation.

 Related & companion bills 4
  • HR 37 Promoting Job Creation and Reducing Small Business Burdens Act
  • S 1010 Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015
  • HR 1675 Capital Markets Improvement Act of 2016
  • HR 5983 Financial CHOICE Act of 2016
 Bill text 2 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 5
All 5 Democratic 1 Republican 2
BRADY, KEVIN
· Jan 28, 2016
 R
Emmer, Tom
Minnesota · Sep 22, 2015
 R
Lucas, Frank D.
Oklahoma · May 13, 2015
 D
Lofgren, Zoe
California · May 1, 2015
Curbelo, Carlos
· Mar 4, 2015
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 686: Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015. 114th Congress. Open America. https://openamerica.io/bill/114-HR-686/
MLA
"H.R. 686: Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-HR-686/.
Bluebook (legal)
H.R. 686, 114th Cong. (2026), https://openamerica.io/bill/114-HR-686/.
Markdown link
[H.R. 686: Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015](https://openamerica.io/bill/114-HR-686/)
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