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Will "Best Interest" Preempt Fiduciary Duties?

Last month, the Securities and Exchange Commission proposed to established a standard of conduct for broker-dealers when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer.  If...

Broker-Dealers

Does George Babbitt Need a Broker-Dealer License (Part IV)

Today's post picks up where I left of more than seven years ago with the question of whether a licensed real estate broker must be licensed as a broker-dealer under the California Corporate Securities Law of 1968.  See Does George Babbitt Need a...

Broker-Dealers

Another Foolish Inconsistency - This Time For Broker-Dealers

Yesterday's post chided Glass, Lewis & Co., LLC for its inconsistent positions on majority rule.  Today's post tackles a foolish inconsistency in the California Codes.  Section 25217(c) of the California Corporations Code provides:

A broker-dealer...

broker-dealer, Broker-Dealers, Cal. Const. Art. XV, Finance Lender, Finance Lenders, Finance Lenders Law, In re Stephan, personal property broker, Section 22050, Section 25217

BrokerCheck - FINRA's Dread Permanent Record

Many a school child has received the awful warning to be careful lest some offense be entered on his or her "permanent record".  As required by statute (15 U.S.C. § 78o-3(i)), the Financial Industry Regulatory Authority, Inc. (aka FINRA) has...

2017 Cal. App. LEXIS 959, Broker-Dealers, BrokerCheck, Dana Sabraw, finra, Flowers v. FINRA, Nasaa, NASD, Rule 8312

Must A Broker-Dealer Be Licensed As A Personal Property Broker?

Is your California securities broker-dealer a licensed personal property broker?  Does it need to have such a license to make loans to its customers?  Anyone reading California Corporations Code Section 25217(c) would conclude that it must:

 A...

broker-dealer, Broker-Dealers, Finance Lenders Law, Financial Code, Financial Code Section 17000, personal property broker, Section 22000, Section 22050, Section 25211, Section 25217

California Finders Exemption Regulations Are Now Effective

The Commissioner of Business Oversight's final regulations implementing a new exemption for finders from the broker-dealer provisions of the Corporate Securities Law took effect on June 21, 2017.  See 10 CCR §§ 260.211.4, 260.211.5, 260.211.6 and...

260.211.4, 260.211.5, 260.211.6, 260.211.7, AB 667, broker-dealer, Broker-Dealers, Commissioner of Business Oversight, exemption, Section 25206.1

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...

AB 667, Administrative Procedure, Administrative Procedure Act, broker-dealer, Broker-Dealers, Department of Business Oversight, exemption, finders, Office of Administrative Law, Seciton 11349.3, Section 11346.4

Department Of Business Oversight Proposes Changes To Proposed Finders Rule

Last July, 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...

AB 667, broker-dealer, Broker-Dealers, Department of Business Oversight, exemption, finders

Investment Advisers And Broker-Dealers Face Scant Likelihood Of California Examinations

The California Department of Business Oversight recently issued a report on its Broker-Dealer/Investment Adviser Program.  This report was required by the Budget Act of 2014. Although short, the report provides some interesting data...

broker-dealer, Broker-Dealers, Department of Business Oversight, Department of Corporations, examination, Investment Adviser, Investment Advisers, report, Uncategorized

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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
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