The Business Intermediary Education Fund (BIEF), in collaboration with the International Business Brokers Association (IBBA), M&A Source, Shane Hansen, and numerous industry supporters, is pleased to announce that three additional states have adopted specific mergers and acquisitions (M&A) relief measures.
The newly adopted states include:
- Wisconsin — Administrative Code, M&A Broker Exemption effective March 1, 2026
- Alabama — Policy Statement effective December 12, 2025
- Kansas — Administrative Order effective February 5, 2026
This is a significant milestone, bringing the total number of states that have adopted some form of M&A-specific relief to 26. However, important work remains. We need your help in advancing awareness of this common-sense approach to facilitating the sale of privately held businesses while remaining compliant with the Securities Exchange Act of 1934. Ignoring these requirements can expose professionals to legal disputes and regulatory consequences. It is important to understand that compliance risks may arise not only where your office is located, but also where your clients and buyers are located.
We encourage local professionals to contact their respective State Securities representatives to highlight the NASAA 2024 Model Rule. BIEF and Shane Hansen stand ready to support your efforts by helping customize communications and proposals tailored to each state’s specific requirements, improving the likelihood of success.
For more information, visit BIEFoundation.net
Or contact John Zayac at [email protected]
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