Campaign for Clarity

BROKERS AND AFFILIATES PLEASE TAKE NOTE:  Everyone should be well aware of the securities licensing issues that face business brokers.  In Texas, although there is an exemption for business brokers to handle and receive  commissions in securities sale transactions when the transactions involves a Texas buyer and a Texas seller (sale of stock, sale of LLC interests, sale of partnership interests, etc.), many take the position that the Texas Exemption as contained in the Texas Administrative Code, RULE §139.27 does not save a broker from the federal Securities Laws that require a license in order to handle and receive  commissions in securities sale transactions.  This affects all of us, because if a broker’s involvement is illegal, then everyone connected to the transaction has risk. 
Recently you received a request to contact your congressmen in support of House Rule (“HR”) 477.  HR 477 is a bill to amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies.  We urgently need support for the passage of this bill to remove any doubt that brokers can legally handle and collect fees in connection with securities transactions relating to the transfer of smaller privately held companies.
Even if you have done this before, you need to do it again! Each new bill requires renewed support.  Please take the time to send the letter that is conveniently prepared in the attached Campaign for Clarity Update.  It is important to everyone connected with our industry.

Email your US Representative NOW!
TABB Newsletter - TABB Newsletter - First Quarter 2017

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