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Bills Making Last Dash to Enrollment

With the current legislative biennium ending next week, here are some key dates to keep in mind:

  • August 31 - Last day for any bill (with certain exceptions) to be passed (Cal. Const. Art. IV, § 10(c), Joint Rule (J.R.) 61(b)(17)). Final Recess...

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

Yesterday's post concerned additional exemptions for real estate brokers under the California Corporate Securities Law.  Today's post is the final in this series (for now).

Corporations Code § 25004 defines the term "broker-dealer".  Subdivision...

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

Last week, I discussed the real estate broker exemption from broker-dealer licensing requirements in California Corporations Code § 25206.  Commissioner's Release 62-C provides additional clarifying comments regarding this exemption.


It's Friday and the DOC and CalPERS are Closed (Again)

On July 30, I reported that "Furlough Fridays" would be returning to most state agencies in August.  Yesterday, Shane Goldmacher wrote in this Los Angeles Times story that efforts by several state employee unions to block furloughs have been...

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

A developer wants to acquire a piece of property but lacks sufficient capital.  She forms a limited partnership to acquire the land and begins looking for investors.  If a licensed real estate broker is involved, must that broker be licensed as a...

At CalPERS, the News Continues to be Bad

Last month, Evan Halper of the Los Angeles Times wrote this story about the level of transparency at the California Public Employees Retirement System (CalPERS).  In this story, he reports that while CalPERS has hired an outside law firm, "[w]hat...

Does the Dodd-Frank Act Revive the CA Bucket Shop Law?

California has had its current Bucket Shop Law on the books since 1949.  The Bucket Shop Law, among other things, voids all contracts for the purchase or sale of shares without any intention on the part of one party to deliver, and the other party...

Dodd-Frank Act Preempts CSL Qualification of Certain Securities

Most securities lawyers are familiar with federal preemption of state qualification requirements pursuant to Section 18 of the Securities Act of 1933 ("Securities Act").  See, e.g., my post regarding preemption and Rule 506 offerings.  I expect that...

CalPERS' Focus List - Results and Prospects

The CalPERS Focus List has been around for almost a quarter century.  Each spring, CalPERS "names names" by listing from 4 to 11 companies that it believes have records of poor economic and corporate governance performance.  Here is a flow-chart of...

California's Institutional Investor Exemption

California has an exemption from the issuer qualification requirement under the Corporate Securities Law of 1968 for any offer or sale to, among other listed entities, institutional investors or governmental agencies or instrumentalities that the...


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