H. Rept. 115-431 1 (2017-11-30)

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                   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
                      79-006

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