; and (ii) does not engage in an activity that requires registration as an investment adviser under State or Federal law; and (C) is not a finder as defined under subsection (q). (q) Finder safe harbor (1) Nonregistration A finder is exempt from the registration requirements of this Act. (2) National securities associations A finder shall not be required to become a member of any national securities association. (3) Finder defined In this subsection, the term finder means a person described in paragraphs (A) and (B) of subsection (p)(4) that— (A) receives transaction-based compensation of equal to or less than $500,000 in any calendar year; (B) receives transaction-based compensation in connection with transactions that result in a single issuer selling securities valued at equal to or less than $15 million in any calendar year; (C) receives transaction-based compensation in connection with transactions that result in any combination of issuers selling securities valued at equal to or less than $30 million in any calendar year; or (D) receives transaction-based compensation in connection with fewer than 16 transactions that are not part of the same offering or are otherwise unrelated in any calendar year. . (b) Validity of contracts with registered private placement brokers and finders Section 29 of the Securities Exchange Act ( 15 U.S.C. 78cc ) is amended by adding at the end the following: (d) Subsection (b) shall not apply to a contract made for a transaction if— (1) the transaction is one in which the issuer engaged the services of a broker or dealer that is not registered under this Act with respect to such transaction; (2) such issuer received a self-certification from such broker or dealer certifying that such broker or dealer is a registered private placement broker under section 15(p) or a finder under section 15(q)