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SEC small business committee continues ‘finders’ discussion

The manhunt through the sewers in the 1949 British film noir 'The Third Man', being filmed on location in Vienna, Austria, December 1948. (Photo by Ernst Haas/Getty Images)
Photo: Ernst Haas/Getty Images

Alexander Barzacanos

2 min read
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“Finders,” or those who find capital for small businesses but are not necessarily registered broker-dealers, have operated in a regulatory gray area.

Regulation of finders was on the agenda when the SEC’s Small Business Capital Formation Advisory Committee (SBCFAC) met. Finders are intermediaries who help connect issuers with investors in private offerings, especially in smaller fundraisings that often do not implicate traditional broker-dealer conduct. The committee last met to discuss the

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