Over the next few weeks the US House of Representatives is scheduled to take up HR 935, The Small Business Mergers, Acquisitions, Sales and Brokerage Simplification Act of 2021. Earlier versions of this bill have passed the full House UNANIMOUSLY [HR 2274 (113th) 422-0; and HR 477 (115th) 426-0].
This bill will codify the regulatory relieve envisioned in the SEC M&A Broker No Action Letter released in January, 2014.
It will harmonize federal regulations with the Model State Rule that was formally adopted by NASAA in September 2015, which is currently being adopted state by state.
In order to get the US Senate to take this bill up and enact it into law this session, we need HR 935 to pass the House by a wide, bipartisan majority. Ideally, we’d like to see it pass again UNANIMOUSLY.
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