S 3518
115th Congress
Senate
Finance and Financial Sector
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018
Introduced: September 27, 2018
Introduced by:
Peters, Gary C.
Democratic
· Michigan
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 27, 2018
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 27, 2018
Introduced in Senate
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1
Cosponsors
1