On Friday, December 23rd, President Biden signed HR 2617. the Consolidated Appropriation Bill for FY 2023, into law.

Among its many provisions was Division AA, Title V, The Small Business Mergers, Acquisitions, Sales & Brokerage Simplification Act of 2021.

This settles the issue with respect to federal securities law; the task remains to get all fifty states, to adopt the NASAA Model State Rule, which now closely follows the new federal law. This will be an individual effort state by state, most likely lead by the respective state or regional associations. However, it should be a whole lot easier with the passage of this amendment to federal law. As you undertake this in your own state, feel free to contact me or Attorney Shane Hansen as we have some experience with individual states on how to get this done.