Article
SEC Issues Broker-Dealer No-Action Letter Of Interest To Private Equity Firms
On January 31, 2014, the SEC’s Division of Trading and Markets issued an important no-action letter stating that "M&A Brokers," defined as persons engaged in the business of effecting securities transactions solely in connection with the transfer of ownership and control of private companies, could, subject to certain conditions, engage in that activity without broker-dealer registration with the SEC.

Ropes & Gray LLP
