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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-431
SMALL BUSINESS MERGERS, ACQUISITIONS, SALES, AND
BROKERAGE SIMPLIFICATION ACT OF 2017
NOVEMBER 30, 2017.-Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 477]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 477) to amend the Securities Exchange Act of 1934 to ex-
empt from registration brokers performing services in connection
with the transfer of ownership of smaller privately held companies,
having considered the same, report favorably thereon without
amendment and recommend that the bill do pass.
PURPOSE AND SUMMARY
On January 12, 2017, Representative Bill Huizenga introduced
H.R. 477, the Small Business Mergers, Acquisitions, Sales, and
Brokerage Simplification Act of 2017, which amends Section 15(b)
of the Securities Exchange Act of 1934 (Exchange Act) to create a
simplified federal registration system for brokers known as merger
and acquisition (M&A) brokers that perform services in connection
with the transfer of ownership of smaller privately held companies.
BACKGROUND AND NEED FOR LEGISLATION
M&A brokers provide crucial services to small businesses whose
owners want to sell their businesses or merge with others so that
their enterprises can continue to operate and grow, to preserve ex-
isting jobs, and to create new jobs. M&A brokers educate business
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