I was at the forefront of getting the 1934 Securities Act changed. The President signed the new law onredactedIt went into effect after 90 days. Here are the key points.
1) Anyone can broker a business in either an asset or a stock structure if the seller's reported EBITDA is <$25 M or sales are <$250 M provided the buyer is "active" after the transaction. There are few more conditions, like the broker cannot be a party to financing the buyer except commercial lenders, the criminal record, and more.
2) The new law does not change any RE laws at the State level. As mentioned above, 17 states require RE license for a sale of RE. To my knowledge, lease transfer is not a RE transaction unless you collect commission.
3) As ^redacted‌ said, the laws apply to the "activity" not to the form of engagement.
4) There are exceptions for a "finder" to get paid sinceredactedThey have not changed.
5) The new law applies to buy-side or sell-side brokers.
6) Trade associations are working with NASAA to harmonize all State level securities regulations. NASAA is an association of all State regulators.

This is a great summary: when I was starting PEmarketplace I had so much confusion. We do a subscription model since the law does not fully cover minority deals and other types of capital raises, which I think a lot of people do not realize.