A Close Look At The New Texas M&A Broker Exemption

Law360, New York (April 30, 2015, 10:07 AM EDT) -- The Texas State Securities Board recently adopted a new registration exemption for certain mergers and acquisitions brokers.[1] The new rule, Section 139.27 of Title 7 of the Texas Administrative Code, exempts persons who meet the definition of "M&A dealer" from registration as a dealer under the Texas Securities Act.[2] The new Texas rule was prompted by, and is based on, the no-action letter issued by the Division of Trading and Markets of the U.S. Securities and Exchange Commission on Jan. 31, 2014 (and revised Feb. 4, 2014), to permit mergers and acquisitions brokers to facilitate certain securities transactions without registering as a broker-dealer under Section 15(b) of the Securities Exchange Act of 1934.[3]...

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