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Rule 15a-6(b)(3

Finders – Part 2

Following the SEC’s proposed conditional exemption for finders (see HERE), the topic of finders has been front and center.  New York has recently adopted a new finder’s exemption, joining California and Texas, who were early in creating exemptions for intra-state offerings.   Also, a question that has arisen several times recently is whether an unregistered person can assist a U.S. company in capital raising transactions outside the U.S. under Regulation S.  This blog, the second in a three-part series, will discuss finders in the Regulation S context.

Regulation S

It is very clear that a person residing in the U.S. must be licensed to act as a finder and receive transaction-based compensation, regardless of where the investor is located.  The SEC sent a poignant reminder of that when, in December 2015, it filed a series of enforcement proceedings against U.S. immigration lawyers for violating the broker-dealer registration rules by accepting commissions in connection with introducing investors to projects relying

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