DFPI Mandates Electronic Filings

When I served as Commissioner of Corporations, the Department had no website and all files were maintained in paper form.  I initiated a project to create electronic records.  Long after my tenure ended, the Department of Business Oversight in 2014 launched its   Self-Service DOCQNET Portal.   Last week, Acting Commissioner Christopher Shultz ordered that effective November 1, 2021, all securities and franchise filings be submitted through the DOCQNET portal.  After that date, the Commissioner will no longer accept these filings either by mail or in person.   The order also requires that all securities and exemption notices be certified as Web Content Accessibility Guidelines 2.1 or higher compliant by checking the box attesting to certification at time of upload.  

The Commissioner's order requires that all electronic filings be filed by 11:59 PM (Pacific Time) on the date on which the applications or notice of exemptions are due.  If the filing date falls on a weekend or a holiday, the electronic filing deadline is extended to the following business day at 11:59 PM (Pacific Time).

The Commissioner's order is intended to implement AB 434 (Cal. Stats. 2017,  ch. 780) which requires the director and chief information officer of each state agency to post on the agency’s website a certification that the website complies with WCAG 2.1 or higher.