A Look At SEC Enforcement Against Unregistered Finders

Law360 (August 31, 2018, 1:07 PM EDT) -- One of the hallmarks of the modern American entrepreneurial economy is the relative ease with which new businesses can be formed and raise capital. More than a decade ago, a study by a task force empaneled by the American Bar Association’s Business Law Section reported that there was an informal and unstructured confluence of practices that put investors together with companies in need of capital, which it characterized as the “vast grey market of securities brokerage.”[1] While the statutory requirement for registration as a broker-dealer was well-known — Section 15(a)(1) of the Securities Exchange Act of 1934[2] — there had been...

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