ABA proposes scheme for unregistered brokers
WASHINGTON, DC – The American Bar Association (ABA) is to propose the establishment of a separate, relaxed, supervisory regime for unregistered securities brokers – also known as 'finders' – to the Securities and Exchange Commission (SEC).
Unregistered brokers raise funds for small businesses and engage in mergers and acquisition activities on a commission basis. However, because they shun registering as broker-dealers due to the burdensome requirements, which they claim exceed the limited brokerage activities they undertake, finders are considered illegal brokers.
The SEC has asked the American Bar Association (ABA) Taskforce on Private Placement Broker Dealers (PPBDs) to draft and submit rule proposals for finders' simplified
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