Regulatory Alerts2016-01-25
Capital Corporation of America, Inc., No Action Letter
The Pennsylvania Department of Banking and Securities issued a no-action letter stating that its staff will not recommend enforcement action against Capital Corporation of America, Inc. for operating as an M&A Broker without registering as a broker-dealer. This interim position applies provided the firm complies with ten specific requirements from the SEC No-Action Letter and ensures investors receive relevant financial statements and that bad actors do not participate in transactions. The Department noted that this stance is temporary pending potential formal regulations or federal legislation regarding M&A Broker exemptions.
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