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Summary
SEC_CODE_REF_0090001192884
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Individuals
or entities who assist companies in finding financing or an M&A partner
Finders
often don't comply with federal and state registration requirements
- Misperception that requirements don't apply to
one-off or occasional engagements
- Even though SEC no-action relief has been limited
to where finders only provide referrals without participation in negotiation or
valuation
Registration
requirements have been criticized as being unduly burdensome
- Inhibit early-stage capital raising
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Commentary
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