On July 17th, the US House passed S 488, the JOBS and Investor Confidence Act of 2018, aka the JOBS 3.0 Act, by a huge, bipartisan majority (406-0). The language of HR 477, The Small Business Mergers, Acquisitions, Sales and Brokerage Simplification Act of 2017 is included in this bill as Title III. The bill now moves back to the Senate for a final vote.
The White House issued this statement regarding the passage of S 488:
President Donald J. Trump commends the House of Representatives for passing S. 488, the JOBS and Investor Confidence Act of 2018. This bill would enact commonsense regulatory reforms to help American entrepreneurs and small businesses raise the capital they need to innovate more and create more jobs. The President congratulates Chairman Hensarling and members of the Committee on this bipartisan legislation, which will further strengthen the United States economy. As the bill moves back to the Senate for consideration, the Administration will work with Congressional leaders to make several technical and substantive changes to the legislation with the goal of presenting final legislation to the President as soon as possible.
GovTrack has given S 488 a 94% chance of enactment this session. Now is the time for your US Senators hear from YOU that the language of HR 477 is important to you, and to buyers and sellers of privately held businesses in your state, and needs to be needs to be enacted into law as soon as possible.
Passage of this small but important bill will codify the regulatory relief envisioned in the SEC M&A Broker No Action Letter, and will harmonize federal law with coming changes in state securities laws.
In closing, I would be remiss not to ask you to consider a meaningful financial contribution to the Campaign for Clarity. In the 12 years since its inception, the Campaign has incurred legal and lobbying expenses of ~$970,000 and raised ~$525,000 in cash and ~$260,000 in pledges from voluntary contributions from individuals and firms like yours who recognize this is a rice bowl issue for our entire profession, as well as for the owners of privately held businesses whom we assist.
The not-for-profit, Business Intermediaries Education Foundation (BIEF) has taken the lead role in raising funds for this and other issues that concern the entire profession. While cash, check and credit card contributions are greatly appreciated, you may be more comfortable contributing something now, and pledging to contribute more in the future, perhaps tied to your next big closing.
- Click here for a BIEF Contribution /Pledge Card
- Click here for an up-to-date list of BIEF Leadership Contributors (As of 8.5.18)
As ever, please don't hesitate to call/contact me, or one of my co-chairs, Jim Cornell (President, Praxiis Business Advisors, 716.675.6001 x223, firstname.lastname@example.org), or John Johnson (President, IBG /BluestemUSA, (918) 749-6016, JJohnson@bluestemusa.com), or Linda Purcell (Founder, Purcell Associates, LLC, (847) 358-9404, email@example.com), if you have any questions.
Mike Ertel, BSEE, MSIA, CBI, M&AMI, CM&AA
Co-Chair, Campaign for Clarity
Managing Director, Broker
Transworld M&A Advisors
400 Carillon Parkway, Suite 110
Saint Petersburg, FL 33716
Securities transactions conducted through StillPoint Capital LLC, Tampa, FL. Member FINRA/SIPC
Click here to read the complete text of S 488, the JOBS and Investor Confidence Act of 2018