On Wednesday, August 1st, the US Senate passed its version of the 2019 Financial Services & General Government (FSGG) Appropriations Bill. As expected, the Senate version does NOT include the language of HR 477, The Small Business Mergers, Acquisitions, Sales and Brokerage Simplification Act.
Both bills will be referred to a Conference Committee composed of members from Appropriations Committees of both houses who will iron out the details of a compromise bill, which again will need to be passed by both houses of Congress and ultimately forwarded to the President for signature.
Again, this is considered "must pass" legislation, because it provides the funding necessary to keep various federal agencies open and running past September 30th.
Now is the time to let your US Representative and 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 included in the final version of the 2019 FSGG Appropriations Bill. HR 477 is currently included as Title I, Subtitle C in the House version and urgently needs to be included in the final version.
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 concurrent and ongoing changes in state securities laws.
In closing, I would be remiss not to ask you to consider making 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, primarily 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 08/05/2018)
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, email@example.com), or John Johnson (President, IBG /BluestemUSA, (918) 749-6016, JJohnson@bluestemusa.com), or Linda Purcell (Founder, Purcell Associates, LLC, (847) 358-9404, firstname.lastname@example.org), 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
O: (888) 864-6610
C: (813) 299-7862
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.