Corporate Securities Law of 1968
- 12/07/12 - The California Corporations Commissioner proposes to adopt and amend various sections of Title 10 of the California Code of Regulations. This regulatory action proposes to, among other things, amends license and renewal license application forms under the Corporate Securities Law of 1968 (broker-dealers, agents, investment advisers). The period within which to comment on this proposed regulatory action ends on January 28, 2013.
- 12/05/12 - Pursuant to Corporations Code section 25102.2 (added by Stats. 2012, ch. 669), the California Corporations Commissioner has issued Release 121-C to provide information regarding the new filing requirements for certain securities issuers relying on the securities qualification exemption under Corporations Code section 25102, subdivisions (e), (f), (h) or (n), and Corporations Code section 25100, subdivision (p). Effective January 1, 2013, securities issuers and offerings meeting all of the conditions set forth in Release 121-C are required to file additional information with the Department of Corporations. For more information, please see the addtional requirements announcement and the form.
- 06/18/12 - The California Corporations Commissioner is proposing further amendments to Section 260.204.9 of Chapter 3 of Title 10 of the California Code of Regulations, originally published in the June 6, 2012 California Register (No 2012, No. 1Z). This rulemaking action relates to an exemption for certain advisers to “private funds.” The period within which to comment on these amendments ends on July 3, 2012. (PRO 02/11)
- 03/26/2012 - Notice to Investors and Potential Claimants of Defendants Authotecq Systems, Inc., Paysentinel, LLC, Shadoworks Corp., Inc., James Anthony Litzinger, Michael R. Diaz, a.k.a. Mike Diaz, individually and doing business as Mike Diaz Enterprises and Pandy Enterprise; Wallace E. Thomas, a.k.a. Wally Thomas, individually and doing business as Wally World Entertainment; and Gregory T. Chapman. The Commissioner of Corporations filed a civil complaint and obtained a Temporary Restraining Order, Asset Freeze and Appointment of a Receiver for the Defendants. By an order dated March 26, 2012, the Los Angeles Superior Court appointed David Pasternak, Esq., as Receiver of the defendants. This action was taken when it was learned that the defendants had committed numerous violations of the California Corporate Securities Law. If you have any questions concerning the defendants, you may contact Mr. Pasternak at 310-553-1500
- 03/27/12 - The California Corporations Commissioner is providing notice that on April 4, 2012, the Department will file an emergency regulation extending the effectiveness of Rule 260.204.9 of Title 10 of the California Code of Regulations. Rule 260.204.9 currently exempts from registration investment advisers who are deemed “private advisers.” This emergency regulatory action will become effective on April 17, 2012, the same day as the expiration of the current emergency regulation, and will expire on July 16, 2012. (PRO 02/11 - E)
- 02/07/12 -
The California Corporations Commissioner published a Notice of Proposed Action in the January 6, 2012 edition of the California Regulatory Notice Register (Register 2012, No. 1-Z, page 3) concerning a Private Fund Adviser Exemption. The original comment period deadline was February 20, 2012.
The Department is extending the written comment deadline to March 25, 2012. (PRO 02/11)
- 01/12/12 - The Commissioner of Corporations has readopted emergency regulations extending the effectiveness of Rule 260.204.9 (10 C.C.R. §260.204.9) for a period of 90 days. Rule 260.204.9 currently exempts from registration investment advisers who are deemed “private advisers.” This emergency regulatory action is effective as of January 18, 2012 and will expire on April 17, 2012. The previous emergency rule expires on January 17, 2012. (PRO 02/11 Emergency Filing)
- 12/27/11 - On January 5, 2012, the Commissioner of Corporations (Commissioner) will file with the Office of Administrative Law (OAL) the readoption of emergency regulations to extend the effectiveness of Rule 260.204.9 (10 C.C.R. §260.204.9) for a period of no longer than 90 days. The changes to the rule will extend the current exemption from registration for investment advisers who are deemed “private advisers” for an additional 90 days. The anticipated operative date of the emergency regulation is January 18, 2012.
- 12/21/11 -
The California Corporations Commissioner proposes to amend Rule 260.204.9 to provide an exemption from registration for investment advisers to certain private funds. The Rule as currently in effect, was adopted as an emergency regulation on July 21, 2011. The Rule currently exempts persons deemed to be “private advisers.”
In this rulemaking action the Commissioner proposes to adopt a permanent exemption for certain advisers to “private funds.” The proposed exemption would be consistent with the regulation of private funds under Dodd-Frank, and with the NASAA Proposed Model Rule for Exempt Reporting Advisers (published on 6/13/2011).
The period within which to comment on this proposed regulatory action ends on February 20, 2012. (PRO 02/11)
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- Law Enforcement Guide to the Corporate Securities Law (This pamphlet is a summary for general information and discussion only. It is not a full analysis of the matters presented.) [pdf]