NASAA Issues Request for Additional Comments Regarding Proposed Model Rule Exemption (with Lofchie Comment)

The North American Securities Administrators Association issued a request for additional comments on its proposed uniform state model rule. The proposed rule concerns the exemption of certain merger and acquisition brokers from registration as "brokers," "dealers," "agents" and/or "broker-dealers" pursuant to state securities laws.

Comments are due by May 17, 2015.

Lofchie Comment: Firms that may rely on this exemption should submit comments, since the reasons for some of the imposed limitations (such as the size of the issuers involved in a transaction) are not obvious.

See: NASAA Notice.