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OAL Approves CalPERS' Placement Agent Disclosure Regulation / Bill Introduced To Require Ethnic And Gender Reporting By CalSTRS & CalPERS

More than a year ago, I petitioned the California Public Employees Retirement System to adopt placement agent disclosure regulations in accordance with the California Administrative Procedure Act.  Last Friday, the California Office of...

Fairness Hearings - Shell Companies Need Not Apply

In recent weeks, a number of stories have appeared in the press regarding "reverse mergers" involving shell corporations and Chinese companies.  For example, Joshua Gallu wrote this story for Bloomberg last December.

After the Securities and...

Religious Facility Debt Securities And The CSL

Earlier this week, Shelly Banjo wrote this story for The Wall Street Journal about religious facilities that are unable to meet their debt obligations.   Ms. Banjo notes that many religious groups have relied on bond financing to acquire, build or...

Video: Fairness Hearings: A Faster, Cheaper Alternative To Federal Registration

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A California fairness hearing can be a faster, cheaper alternative to federal registration under the Securities Act of 1933.  Although fairness hearings can be used in a variety of situations, they are most often used by publicly...

Bits and Pieces

Another California Pay-to-Play Story?

Tom Petruno, a reporter with the Los Angeles Times, recently wrote that the Financial Industry Regulatory Organization has sent letters to the members of a California municipal bond trade association seeking...

"Most" Does Not Mean All

Because the Dodd-Frank Act requires the adoption of so many new regulations, I like to say that the other shoe (or more likely a whole closet full of shoes) remains to be dropped.   One large shoe that is yet to be dropped is how the Securities and...

California Commissioner Expresses Concern About Proposed Venture Capital Fund Definition

As I wrote in this early posting, California is ground zero for the venture capital industry.  Many of our most succesful and innovative companies have been funded by the venture capital industry.  Thus, it is good to see that Commissioner Preston...

What You Can Do When Securities Are Subject To A Commissioner's Transfer Restriction

As a condition to qualification, the Commissioner of Corporations may impose a restriction on the subsequent transfer of the securities being qualified.  Cal. Corp. Code § 25141.  Rule 260.141.10 describes the general circumstances under which the...

Life Settlement Contracts And The CSL

In this recent post, I wrote about California's cooling off statute with respect to viatical and life settlement contracts.  Yesterday, the Securities and Exchange Commission filed this complaint alleging a massive life settlement contract bonding...

Ascertaining Shareholder Intent Using A Borda Count

In yesterday's post, I described how an approval voting system could be used to determine shareholder preferences.  The Borda count system is another system that also could provide more accurate information about the consensus opinion of...


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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
Partner at Allen Matkins
(949) 353-6328
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