Table of Contents

Executive Committee: Message from the Chair…………………………………………………………..4

BLN Editorial Board: Message from the Editor……………………………………………………………7

Morris Hirsch Receives Business Law Section’s Lifetime Achievement Award…………….8
By Mark Moore

Resolving the Finders’ Dilemma: California Clarifies the Role of Finders in
Securities Laws Transactions…………………………………………………………………………………..11
By Julie Ryan
Finders—generally understood under California law to mean persons who merely introduce parties to each other, without negotiating on behalf of either party and without providing any information on which either party may rely upon in negotiations—are often critical to the ability of start-ups and smaller-cap companies to access needed capital. Yet until recently, finders provided their services in gray area. This article discusses a new law that provides long-awaited clarification of the role and scope of permitted activities of finders in securities laws transactions in California.