CalPERS And Securities Lending - Waiting For Godot?

California Government Code Section 7603 is short and unambiguous:

California Finders Rule May Soon Take Effect

Nearly one year ago, the California Department of Business Oversight proposed regulations to implement the provisions of AB 667 (Wagner). The bill, which was enacted in 2015 and took effect last year, created a new exemption from the broker-dealer...

If The Market Makes You Do It, Why Should The SEC?

The basic premise underlying most disclosure requirements seems to be that issuers won't disclose to investors unless legally required to do so. Yet, there is ample evidence of issuers making disclosures in the absence of legal compulsion. Below are...

The SEC's Flawed Changes To Exchange Act Forms

Title I of the Jumpstart Our Business Startups (aka JOBS) Act amended the Securities Act and the Exchange Act to provide some regulatory relief to issuers that qualify as an "emerging growth company".  Recently, the Securities and Exchange Commission

Can The Legislature Hire Its Own Lawyer?

In early January, California Senate President pro Tempore Kevin de León and Assembly Speaker Anthony Rendon jointly announced that the California Legislature had hired outside legal counsel to advise on potential legal challenges with the incoming...

Must A False Statement To A Franchisee Be Made "In this state"?

The list of instruments and interests included within the definition of a "security" in California Corporations Code Section 25019 is long. A franchise, however, is not to be found amongst the named. In fact, the statute specifically excludes a...

Will Congress Deep Six The SEC's Resource Extraction Rule?

In December of last year, I wrote about how the Securities and Exchange Commission's Resource Extraction Rule might meet an untimely end.  See There’s Still Time For Congress To Void The SEC’s Resource Extraction Rule (Dec. 14, 2016). The rule, Rule...

Will The Bureau Of Real Estate Get A Promotion?

 "Not since Clytemnestra and Agamemnon has there been such a mismatch."

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