SecondMarket seeks guidance from U.S. regulator: WSJ (Reuters)
NEW YORK (Reuters) – SecondMarket, which offers an online papers to correct buyers and sellers in privately held companies, is seeking U.S. approval to appendage those transactions, according to the Wall Street Journal on Sunday.
The New York-based firm, which is now the maximal vendor for trading shares in closely held companies much as Facebook, Groupon and Twitter, has held origin talks with the Securities and Exchange Commission about a possibleness "no-action letter," said the newspaper.
This would guide SecondMarket, which is already a registered broker-dealer with the SEC, on how to operate.
The discussions come amid intensifying scrutiny of trading on secondary markets like SecondMarket and SharesPost. Both companies have been growing at a fast pace over the terminal digit years.
A SecondMarket spokesman declined to comment.
(Reporting by Nadia Damouni in New York; Editing by Muralikumar Anantharaman)
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