The State Of Unregistered Intermediary Regulation

Law360, New York (November 17, 2008, 12:00 AM EST) -- For years, unregistered intermediaries (finders) in securities transactions have adeptly and, at times, daringly navigated through the maze of federal, state and self-regulatory rules and regulations.

However, recent U.S. Securities and Exchange Commission (SEC) actions and court rulings have reinvigorated long-standing concerns that these finders may be violating securities laws by failing to register under federal and state securities laws, and that increased judicial scrutiny and SEC enforcement actions will be forthcoming.

This article examines these regulatory actions against the backdrop of the overall investor protection...
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