On behalf of the Association's Strategic Issues Task Force (SITF), the Committee has been working with one of our members, Country Business, Inc. (CBI) to obtain a No Action Letter regarding some of CBI's pending transactions.

CBI received a No Action Letter from the United States Securities and Exchange Commission (SEC) today (November 8, 2006) and we have obtained a copy from the SEC web site. This letter, given its scope and conclusions, has an immediate and significant impact on business brokers throughout the country.

Attached are the following documents:

We encourage all of our members to read all of the information provided.

The Association is in the process of analyzing the impact and a clear understanding of this no action letter and will be providing additional information in the future.