[20180522]IF10893_并购经纪人：概述和救济建议.pdf

https:/crsreports.congress.gov May 22, 2018Merger and Acquisition Brokers: Overview and Proposals for ReliefIntroduction Merger and acquisitions (M&A) brokers are also known as Main Street brokers. In general terms, they are intermediaries who conduct privately negotiated sales of privately held small- and mid-sized companies by facilitating securities transactions that transfer ownership and control of such firms to a buyer who intends to operate the firm. The Exchange Act of 1934 (Exchange Act, P.L. 73-291) is a major federal securities law that authorized the creation of the Securities and Exchange Commission (SEC) and provides for a regulatory regime requiring most brokers and dealers to register with the agency and also become members of the Financial Industry Regulatory Authority (FINRA, the frontline regulator of securities brokerage firms and their brokers overseen by the SEC). The Exchange Act broadly defines a broker as a firm or individual who effects transactions in securities on behalf of others. Dealers are defined as firms or individuals who trade their own securities for profit, called “trading for its own account.” Historically, there has been some uncertainty ove