New General Counsel

For the Department of Corporations, the new year begins with a new Commissioner, Jan Owen (see Welcome to Jan Owen, California's Newest Commissioner of Corporations!).  In December, Governor Jerry Brown also appointed John R. Hanna as General Counsel.  Mr. Hanna is an Orange County attorney.  Since 1998, he has served as a member of the Board of Trustees of the Rancho Santiago Community College District.  He has previously served as  a member of the City of Santa Ana Planning Commission, the City of Santa Ana Personnel Board, and the Board of Directors of the Consolidated Transportation Service agency of Orange County.

Although the General Counsel position is an appointed position, the appointment does not require confirmation by the California Senate.

Department To Extend Emergency Investment Adviser Exemption

Last month, the Department announced plans to file this week with the Office of Administrative Law the readoption of emergency regulations to extend the effectiveness of Rule 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.

As discussed in this earlier post, the Commissioner has also proposed amendments to Rule 260.204.9 that would implement a longer lasting response to the realignment of state and federal authority over investment advisers as a result of the Dodd-Frank Act.