FL S0286

Creates exemption from securities registration requirements for offers or sales solely connected to transfer of ownership of an eligible privately held company through a merger and acquisition broker.

Defines "eligible privately held company" as a non-publicly traded company with earnings before interest, taxes, depreciation, and amortization under $25 million or gross revenues under $250 million in the preceding fiscal year; these thresholds adjust every 5 years based on the Employment Cost Index.

Requires merger and acquisition brokers to obtain written assurances from the largest control persons of both buyer and seller that purchasers will become control persons and will receive or access recent financial statements before becoming bound to the transaction.

Exempts merger and acquisition brokers from registration unless they hold or transmit funds/securities, engage in public offerings, participate in public shell company transactions, or are subject to federal disqualifications or suspensions.

Effective July 1, 2016.