US Congress Senate Bill 3518 (Prior Session Legislation)

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Sponsorship: Bipartisan Bill
Status: Introduced on September 27 2018 - 25% progression, died in committee
Action: 2018-09-27 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018 This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that: receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer; engage on behalf of an issuer in a public offering of registered securities; engage on behalf of any party in a transaction involving specified shell companies; provide financing related to the transfer of ownership; assist any party to obtain financing from a third party in specified circumstances; represent both buyer and seller without disclosure and consent from both parties; facilitate a transaction with a group of buyers formed with the assistance of the broker; engage in transferring ownership to a passive buyer; bind a party to a transfer of ownership; or are subject to suspension or revocation of registration or to other specified disqualifications.

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018

Sen. Gary Peters [D-MI]

Sen. John Kennedy [R-LA]

Date	Chamber	Action
2018-09-27	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB10 (Related) 2017-07-13 - Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.
HB477 (Related) 2017-12-11 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB6147 (Related) 2018-09-07 - Message on Senate action sent to the House.
HB6258 (Related) 2018-06-28 - Placed on the Union Calendar, Calendar No. 612.
SB488 (Related) 2018-07-18 - Message on House action received in Senate and at desk: House amendments to Senate bill.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/3518/all-info
Text	https://www.congress.gov/115/bills/s3518/BILLS-115s3518is.pdf