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H.R.2617 codifies a federal exemption from SEC registration for small business M&A brokers under Exchange Act Section 15(b)(13). Companies that qualify for the exemption must meet either or both of the following conditions (determined in accordance with the historical financial accounting records of the company): EBITDA less than $25 million; gross revenues less than $250 million in the fiscal year ending immediately before the fiscal year in which the services of the M&A broker are initially engaged.
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