When Foreign M&A Advisers Approach US Targets

Law360, New York (June 3, 2013, 5:34 PM EDT) -- On May 28, 2013, the staff of the Division of Market Regulation at the U.S. Securities and Exchange Commission granted no-action relief to Roland Berger Strategy Consultants, an independent strategy consultancy firm based in Germany, in a letter issued to Bingham McCutchen partner, Amy Natterson Kroll.[1]

The staff’s no-action letter tackles, in part, the question of when U.S. broker-dealer registration is required if a non-U.S. firm is providing merger and acquisition advice to non-U.S. clients where target companies may be located in the U.S. or be...
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