Broc Romanek also mentions in his blog today that the Securities and Exchange Commission issued a task force report on life settlement contracts. Among other things, the task force recommends that Congress amend the definition of "security" under...
Recent Posts
Yesterday, Broc Romanek reported that the staff of the SEC's Division of Corporation Finance has issued a new Compliance & Disclosure Interpretation addressing Section 413(a) of the Dodd-Frank Act. Section 413(a) requires the SEC to adjust the...
On June 22, 2010, I posted an item concerning AB 919 (Nava), a California bill that would require corporations to report political contributions to shareholders and make refunds to those shareholders who don't agree. In today's Proxy Season Blog,...
On July 19, 2010, I discussed action by written consent of the board pursuant to Corporations Code Section 307. The statute is remarkably silent on some key points. For example, while the statute clearly requires that consents be in writing (see...
More than a decade ago, the California legislature added the Capital Access Company Law to the Corporations Code, Stats. 1998, c. 668 (S.B. 2189). The intent of the law was to take advantage of an exemption to the Investment Company Act of 1940 that...
Yesterday, I wrote about Section 413 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("DF Act"). You can watch President Obama's explanation of Wall Street reform here.
Yesterday was the last day for comments on the Commissioner's proposed rule to address the Court of Appeal's holding in People v. Cole, 156 Cal. App. 4th 452 (2007). I've seen that several persons have submitted comments in addition to myself - all...
With Congress' passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "DF Act"), lawyers across the nation are struggling to come to grips with the act's impact on their clients. Lawyers representing businesses in need of...
Some readers may have noticed that there are currently two Section 307s in the Corporations Code. One version of Section 307 provides in subdivision (d) that it remains in effect only until January 1, 2011. This is commonly referred to as a "sunset...
