HR 2274 passed US House 422-0 on January 14, 2014. It Exempts merger and acquisition brokers from SEC “Broker-Dealer” registration requirements. Companion Senate legislation, S. 1923, is pending in the Senate.
Current law requires business brokers to limit participation in negotiation of any terms of sale if owner earn-outs, stock purchases instead of asset purchases, or any other sales of securities are involved in a deal. See the SEC No Action Letter In County Business Inc: