CT HB06875

Creates a registration exemption for "merger and acquisition broker-dealers" who facilitate ownership transfers of eligible privately held companies (those with EBITDA under $25 million or gross revenues under $250 million) where buyers will actively manage the acquired business

Establishes disqualifying conditions for the M&A broker-dealer exemption, including receiving custody of transaction funds, providing financing, representing both buyer and seller without disclosure and consent, or being subject to certain regulatory sanctions

Expands commissioner authority to censure or impose bars on registrants, partners, officers, directors, or controlling persons of broker-dealers and investment advisers

Requires issuers conducting Tier 2 offerings under Regulation A to file notice with the commissioner at least 21 calendar days before initial sale, pay $250 filing fee, and renew annually for $250

Sets branch office registration fee at $125 and investment adviser exemption notice filing fee at $275 initially, with $175 annual renewal