A Close Look At The New Texas M&A Broker Exemption

30 April 2015 Publication


Gardere Partners George T. Lee III and Richard A. Tulli authored an article for Law360 regarding the new Texas mergers and acquisitions broker exemption.

According to Mr. Lee and Mr. Tulli, "The Texas Securities Board has, and for years has had, a special registration process for a broker that is acting only as a 'business broker' in Texas. That process is a streamlined one that does not require the registrant to pass any securities examination, but still requires the filing of Forms BD and U-4 and the payment of a filing fee. The new Texas rule, on the other hand, provides an exemption from any registration or licensing obligation for an M&A dealer and its agents and does not require any filing with the Securities Board or the payment of any fee."

Subscribers can access the full article here. Additional information can also be found here in Mr. Lee and Mr. Tulli's March 26 post on "From the Sox Up," Gardere's Securities Law Blog.