Wendy Sherman: “There may be some acrimony on the floor from time to time, but I think we are mostly in agreement. The SEC, under some…”

“There may be some acrimony on the floor from time to time, but I think we are mostly in agreement. The SEC, under some tutelage from the committee, in January of 2014 issued its no-action letter providing that, in certain circumstances, a small business merger or acquisitions broker would not have to register. They issued this in January of 2014. The gentleman from Michigan brought forward a good bill designed to codify that decision by the SEC, but he did not in his codification include six of the limitations that the SEC had in its no-action letter. Now he has brought forward and I think we just adopted an amendment to add to his bill the two most important limitations that the SEC had in its no-action letter. It excludes from the exemption those who have been bad actors in the past and barred from association with broker-dealers, and it excludes shell companies. As far as it goes, I think that is a good amendment. I am glad we adopted it. But if we are going to deal with this area with statute, we should take a look at the other exclusions from the exemption that the SEC included in its no-action letter. The amendment that is before us today is the same amendment I offered in committee. It does everything that the gentleman from Michigan's amendment does and takes the additional exclusions that the SEC had in its no-action letter.…”