New FINRA Examination Will Focus on the Distinctive Securities Activities of M&A Brokers and Investment Bankers

AM&AA to Explore Impact and Significance of New Series 79 Qualification on
Investment Banking Community at Summer Conference, July 28-30
CHICAGO--(Business Wire)--
The Alliance of Merger & Acquisition Advisors (AM&AA), the leading association
and credentialing body for middle market M&A professionals, today announced two
new sessions dedicated to the impact and significance of FINRA`s new category
for investment banking professionals, Limited Representative-Investment Banking,
at the AM&AA Summer Conference, July 28-30 in Chicago.

A new Rule 1032(i), announced by FINRA earlier this year, will become effective
90 days after FINRA announces the development of a Series 79 qualification
examination for qualified professionals focusing exclusively on investment
banking transactions, including those who work on the equity and debt markets
and syndicate desks. The SEC must approve the new Series 79 exam and
corresponding fees before the new rule will become effective, likely to happen
in late 2009 or early 2010. When effective, passing the Series 79 examination
will be among the prerequisites for an individual`s registration with a
registered broker-dealer.

With this new FINRA regulation, investment bankers will no longer be required to
take the existing Series 7 General Securities Representative examination which
covers many aspects of securities regulation that are largely irrelevant to most
investment bankers day-to-day activities such as, retail customer solicitation,
sales, and trading. Instead, candidates for the Series 79 qualification will be
required to pass an examination focusing on the tasks that he or she is likely
to perform as an investment banker. Passing the Series 63 Uniform Securities
Agent State Law Examination, also administered by FINRA, will continue to be a
qualification for an individual`s registration with a broker-dealer. The Series
63 examination tests for knowledge of state securities laws and related
regulation.

"The AM&AA has been involved in advocating for appropriate mergers and
acquisitions regulatory rules for several years now," said Mike Ertel, Co-Chair,
AM&AA Licensure Task Force and Managing Director, Legacy M&A Advisors based in
Tampa. "On behalf of our membership and the entire M&A and investment banking
community, we are pleased to see a first step in regulations that seem to more
adequately reflect our activities. The AM&AA Licensure Initiative, however,
continues to advocate for greater clarity and simplicity on all regulatory M&A
issues for the greater benefit of our members in the lower middle market and the
profession as a whole; as well as the legion of small to medium-sized businesses
that make up 86% of the US Gross National Product."

To find out more about AM&AA`s Licensure Initiative, please visit
www.amaaonline.org. To register for the AM&AA Summer Conference, please click
here.

To address the importance of understanding this new regulation and others, two
sessions at the AM&AA Summer Conference will be dedicated to exploring the
impact of the new regulations on the M&A community and what it means for the
future of the industry. Denise Voigt Crawford, the Securities Commissioner for
the State Securities Board of Texas and the incoming President of the North
American Securities Administrators Association (NASAA), will speak in-depth on
the latest details and emerging issues of the new regulations, with particular
regard to how it will affect small to medium sized businesses and transactions.
The NASAA is the organization that coordinates state, provincial, and
territorial securities administrators in the 50 states, the District of
Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico. Tanya Solov,
Director of the Illinois Securities Department,will also be at the event.

"For decades, legitimate small businesses have been ill-served by a rigid
regulatory system that has a one-size fits all perspective when it comes to
their ability to use financial intermediaries," said Ms. Crawford. "Protection
of investors is critically important and is necessary to ensure long-tern
investor confidence, particularly in the high-risk arena of small business
capital formation. However, many times regulators simply do not or cannot
empathize with the difficulties inherent in the current regulatory models that
work well for large business entities but not so well for the smaller ones."

The AM&AA Licensure Initiative is currently advocating for three separate, but
related initiatives surrounding regulatory rules for M&A advisors and
intermediaries: The Private Placement Broker (PPB) proposal, first proposed by
the American Bar Association (ABA), the M&A Broker proposal, first proposed by
AM&AA, and The Small Business Sale Transaction Exemption, first proposed by the
International Business Broker`s Association (IBBA). These three proposals seek
to appropriately scale federal and state securities regulation for the benefit
of smaller business owners and buyers, while preserving important investor
protections under these laws. The new FINRA Series 79 examination does not in
any way diminish the urgent need for these proposals to be adopted and
implemented through federal and state rulemaking.

"It is absolutely critical that organizations like AM&AA act as representatives,
advocates and educators on regulatory issues for M&A advisors," said Mike
Adhikari, AM&AA President, and President and Owner of Illinois Corporate
Investments, Inc. and Business ValueXpress. "Middle market dealmakers must be
savvy and educated on the affects and implications of new regulatory rules and
restrictions such as the new FINRA rule, the M&A Broker proposal, and Obama`s
regulatory reform proposal on our profession. The AM&AA Summer Conference, July
28-30 in Chicago, will be a vibrant forum for discussion and analysis of each of
these impending regulations, and our members will be continually kept apprised
with the latest information and details."

To view the AM&AA Summer Conference Brochure, please click here, or visit
www.amaaonline.org.

To learn more about the AM&AA certification program, the Certified Merger &
Acquisition Advisor (CM&AA) credential, please visit www.amaaonline.org/cmaa.

About AM&AA

The AM&AA is the leading association and credentialing body for middle market
M&A professionals. Our leadership and people have unrivalled multidisciplinary
expertise in the financial services industry. AM&AA members represent sellers
and buyers of businesses ranging from $5 to $500 million in transaction value.
Their services are seller representation, buyer representation, due diligence,
accounting financing, business valuation, tax planning, legal, strategic, other
advisory and transaction services. The AM&AA offers members a solid platform for
professional collaboration.

NOTE TO MEDIA: To attend the AM&AA Summer Conference, please contact: Jen Dowd,
BackBay Communications, 617-556-9982, x225, jen.dowd@backbaycommunications.com.

BackBay Communications
Jen Dowd, 617-556-9982 x225
Jen.Dowd@backbaycommunications.com

Copyright Business Wire 2009