Late on June 13th, the House Appropriations Committee approved the FY 2019 Financial Services & General Government Appropriations Bill. This is considered to be a "must pass" bill, because it provides the funding necessary to keep various federal agencies open and running past September 30th. The language of HR 477, The Small Business Mergers, Acquisitions, Sales and Brokerage Simplification Act, is included as Title IX, Subtitle C of the FY 2019 FSGG Appropriations Bill.
This appropriations bill will likely be scheduled for a floor vote by the full House the week of June 18th, when once again it is confidently expected to pass. Once passed by the House, this bill will be taken up by the Senate Appropriations Committee, and ultimately scheduled for a floor vote by the full Senate.
Once this bill is taken up by the Senate, your US Senators will need to hear from YOU that Title IX, Subtitle C of the FSGG Appropriations Bill is important to you, and to buyers and sellers of privately held businesses in your state. We will let you know when it's time to contact your US Senators, and provide a hot link to easily identify them and send them an email.
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 ~$965,000 and raised ~$525,000 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 6/12/18)
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 Title IX, Subtitle C of the 2019 Financial Services and General Government (FSGG) Appropriations Bill