This document discusses the benefits of registering as an M&A Broker with the state rather than as a Broker-Dealer with the SEC. Registering as an M&A Broker would allow professionals to represent buyers and sellers in mergers and acquisitions with fewer compliance costs and legal risks. It would permit activities like advising on deal structures, business valuations, and negotiations, but not activities like raising capital or advising companies on going public. The goal is for the SEC to adopt a proposal creating an M&A Broker designation with fewer regulations.