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Finder

An intermediary who introduces parties without soliciting or negotiating. The status of finders in US securities law remains unsettled; the SEC's 2020 proposed exemption was never adopted.

Finder — An intermediary who introduces parties without soliciting or negotiating. The status of finders in US securities law remains unsettled; the SEC's 2020 proposed exemption was never adopted.

The regulatory status of a pure finder remains genuinely unsettled in US law — the SEC's 2020 proposed exemption was never adopted, so anyone acting purely as a finder for transaction-based compensation is operating in an area with real legal exposure rather than a settled safe harbor.

Frequently asked questions

Is there a legal finders exemption in the US?

No general federal one — the SEC's October 2020 proposal was never adopted, so the traditional Exchange Act Section 15(a) broker analysis still applies.

What's the difference between a finder and a placement agent?

A finder purely introduces without soliciting, negotiating or handling funds; a placement agent is typically a registered broker-dealer engaged for the full fundraise, including solicitation.

Nothing on this page is legal, tax, or investment advice. SeRuM is not a registered broker-dealer, not a placement agent, and not an investment adviser.

Placement agentAn intermediary engaged to raise capital for a specific offering, typically compensated as Transaction-based compensationPayment contingent on whether and how much capital closes. One of the strongest indicators

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