ABA proposes scheme for unregistered brokers

LEGAL BEAT

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

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: