Some of the History of the M&A Broker Proposal

The M&A Broker Proposal currently being considered by the U.S. Securities and Exchange Commission will define an intermediary’s role and will clearly exempt him or her from requiring registration under a securities broker dealer. As you know, our industry has operated with insufficient regulatory definition since its inception. The M&A Broker Proposal has been drafted to provide the much needed clarification and definition to an industry that has operated with insufficient regulatory definition since its inception. Removing such uncertainty will assist to eliminate negative consequences, such as the need to incur substantial cost to register as a broker dealer even though that structure has little to do with the business broker industry or the risk that a business broker will not be paid for his or her legitimate efforts. 

Information from the SEC No Action Letter
The links below are to a letter by Holland + Knights, Attorneys in Chicago, to the Chief Counsel and Associate Director, Division of Market Regulation, Securities and Exchange Commission requesting assurance that the staff of the Division of Market Regulation of the Securities and Exchange Commission will not recommend enforcement action to the Commission under Section 15(a) the Securities Exchange Act of 1934; and the reply by the Chief Counsel.

Letter: http://sec.gov/divisions/marketreg/mr-noaction/cbi110806-incoming.pdf
Reply: http://sec.gov/divisions/marketreg/mr-noaction/cbi110806.htm

Uniform Commercial Code

Click here to view the Code

The administration of the UCC has an important impact on the economy and upon the rights of the public, in this state & in the United States. The volume of international, interstate & multi-state transactions pursuant to the UCC requires that the administration of the UCC be conducted in a manner that promotes both local & multi-jurisdictional commerce by striving for uniformity in policies and procedures among the various states.

Article 9 of the Uniform Commercial Code was amended effective July 1, 2001 as a part of a nationwide effort by the National Conference of Commissioners on Uniform State Laws. The amendments made sweeping changes to the law in Illinois and several other states with the purpose of bringing greater certainty to financing transactions. Section 5 of Article 9 charges the Secretary of State’s office with the duty of accepting financing statements for filing and maintaining a record keeping system to allow quick and accurate searches by lenders and others.

EFFECTIVE OCTOBER 1, 2001 

DUE TO NEW POLICIES IN THE UCC DIVISION ALL FORMS MUST BE TYPEWRITTEN, INCLUDING SEARCHES. THIS MEANS THAT WE WILL START REJECTING ALL HANDWRITTEN INFORMATION, SUCH AS TYPE OF ORGANIZATION, JURISDICTION AND ORGANIZATION ID NUMBER. ALSO PLEASE KEEP IN MIND THAT THE DEBTOR AND SECURED PARTY INFORMATION MUST BE IN ALL CAPS AND 12 POINT TIMES NEW ROMAN FONT.

UCC1 Lien Filing Form:
Click here

UCC3 Lien Release Filing Form:
Click here 

To fill out UCC forms ON LINE use the following link:
Click here