On April 6, 2020 New York State Attorney General Letitia James announced proposed amendments to the regulations governing state securities registration, including a specific requirement that finders register as broker-dealers in New York. Notice of the proposed regulation amendments were published in the New York State Register on April 15, 2020, commencing a 60-day public comment period.

Currently, the New York laws and regulations governing broker-dealer registration, namely §359-e of the General Business Law (GBL) and Article 13 Title 10 of the New York Codes, Rules and Regulations (NYCRR), are silent as to the status of finders, whose activities are typically limited to introducing prospective investors to issuers in exchange for a fee.

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