b'Securities broker-dealer licenses can be obtained at the federal level throughFINRA(theFinancialIndustryRegulatoryAuthority),aquasi-governmentalagencythatregulatessecuritieslicensingintheU.S. Securities broker or dealer licenses may also be available at the state level through a state securities department, but such states license would only be applicable to investors from that state.Below is another example from the Texas State Securities Board, which identifies one of Texas requirements for recognition of a Regulation D, Rule 506 exempt offering:No commissions, fees or other form of remuneration may be paid to any person who solicits investors in Texas under this exemption unless that person is licensed in Texas as a securities dealer or agent.IuseTexasasanexampleastheyhavewell-developeddirectives regarding their position on these matters that appear to be echoed by other statesecuritiesagencies.Manystatesecuritieslawscontainsimilar provisions.OK, But What About Finders Fees? Although there is a purported finders exception, it is not codified in any federal law or rule. It allows introductions only, but requires disclosure of compensation at the time the solicitation is made.The sum of SEC guidance and relevant case law with respect to finders fees have indicated the greater the persons involvement in such things as: 1)structuringtheoffering,2)solicitinginvestors(whichmayinclude advertising), and 3) participating in the sale transaction (taking orders or 242'