California Corporate & Securities Law

NASAA isn't in the business of firing off rockets but it did launch a missile yesterday targeted directly at the JOBS Act.  In this press release, NASAA's president, Jack E. Herstein, is quoted as saying:

When establishing a phantom stock plan, some issuers may erroneously believe that the only available exemption is the limited offering exemption in Section 25102(f) of the Corporations Code. While the "F" exemption is a viable option for some...

With preternatural sagacity, Yogi Berra once observed that "prediction is very hard, especially about the future". Although I whole heartedly concur with Mr. Berra's assessment of the difficulties that inhere in prognistication, I've nonetheless...

Article V, Section 6 of the California Constitution provides that the legislature may provide by statute for the Governor to "assign and reorganize functions among executive officers and agencies and their employees, other than elective officers and...

As part of California's Cap and Trade Program, the Air Resources Board will issue will issue tradable permits (Greenhouse Gas (GHG) allowances) that authorize a permit holder to emit a specific quantity of GHGs. Entities will obtain these GHG...

As discussed in yesterday's post, Congress has once again directed the Securities and Exchange Commission to engage in rule making. The SEC almost always adopts rules through the informal rule making procedures of the Administrative Procedure Act (5...

Anyone who has studied securities law has undoubtedly heard of the Supreme Court's decision in SEC v. Ralston Purina Co., 346 U.S. 119 (1953). In that case, the Supreme Court struggled with the exemption in the Securities Act of 1933 for...

Yesterday, the California Corporations Commissioner Jan Owen gave notice that she will file on April 4, 2012 an emergency regulation extending the effectiveness of Rule 260.204.9 of Title 10 of the California Code of Regulations. Rule 260.204.9...

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