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Standard Of Review Is Clear For Administrative Interpretations Of Statutes And Rules

A few days ago, I noted the Court of Appeal's opinion in Davis Test Only Smog Testing v. Dept. of Consumer Affairs, 2017 Cal. App. LEXIS 855.  That post concerned the Court's holding that the plaintiffs' due process rights had not been violated by...

administrative mandate, Administrative Procedure, chevron deference, Davis Test Only Smog Testing, de novo, independent judgment, Yamaha

Attorney General Opines On Lay Representation At Administrative Hearings

Over three years ago, I wrote that California's Office of Administrative Hearings had requested the California Attorney General provide an opinion answering the following question:

Does the Administrative Procedure Act (Gov. Code, §§ 11340-11529)...

lay person, practice of law, Administrative Procedure, administrative proceeding, APA, Benninghoff v. Superior Court, chapter 5, Davis Test Only Smog Testing

CalPERS And Securities Lending - Waiting For Godot?

California Government Code Section 7603 is short and unambiguous:

All loans of securities shall be made pursuant to one of the standardized security loan agreement forms, as developed by the administrators of the State Pooled Investment Account (as...

Government Code Section 7603, Administrative Procedure, CalPERS, securities lending

California Finders Rule May Soon Take Effect

Nearly one year ago, the California Department of Business Oversight proposed regulations to implement the provisions of AB 667 (Wagner).  The bill, which was enacted in 2015 and took effect last year, created a new exemption from the broker-dealer...

broker-dealer, Broker-Dealers, Seciton 11349.3, Section 11346.4, exemption, AB 667, Administrative Procedure, Administrative Procedure Act, Department of Business Oversight, finders, Office of Administrative Law

If The Market Makes You Do It, Why Should The SEC?

The basic premise underlying most disclosure requirements seems to be that issuers won't disclose to investors unless legally required to do so.  Yet, there is ample evidence of issuers making disclosures in the absence of legal compulsion.  Below...

guidance, Q&A, Administrative Procedure, earnings release

The SEC's Flawed Changes To Exchange Act Forms

Title I of the Jumpstart Our Business Startups (aka JOBS) Act amended the Securities Act and the Exchange Act to provide some regulatory relief to issuers that qualify as an "emerging growth company".  Recently, the Securities and Exchange...

SEC, Administrative Procedure, Administrative Procedure Act, AP, Form 10-K, Form 10-Q, public notice, Section 553, Securities and Exchange Commission

Can The Legislature Hire Its Own Lawyer?

In early January, California Senate President pro Tempore Kevin de León and Assembly Speaker Anthony Rendon jointly announced that the California Legislature had hired outside legal counsel to advise on potential legal challenges with the incoming...

private contracting, Section 1, 9 Cal. 2d 126, Administrative Procedure, anthony rendon, Article VII, Attorney General, California Sui Generis, civil service, contracting out, donald trump, kevin de leon, kevin kiley, office of legislative counsel, State Compensation Insurance Fund v. Riley

Must A False Statement To A Franchisee Be Made "In this state"?

The list of instruments and interests included within the definition of a "security" in California Corporations Code Section 25019 is long.  A franchise, however, is not to be found amongst the named.  In fact, the statute specifically excludes a...

California Securities Laws, franchise, Franchise Investment Law, G.P.P., Gutierrez-Brizuela v. Lynch, section 31202, Section 31300, Administrative Procedure, CFIL, chevron deference, in this state, Inc. v. Guardian, neil gorsuch, Section 31101, Sheila K. Oberto

Will Congress Deep Six The SEC's Resource Extraction Rule?

In December of last year, I wrote about how the Securities and Exchange Commission's Resource Extraction Rule might meet an untimely end.  See There’s Still Time For Congress To Void The SEC’s Resource Extraction Rule (Dec. 14, 2016).  The rule,...

resource extraction rule, Rule 13q-1, SEC, Administrative Procedure, Form SD, Kevin McCarthy

Will The Bureau Of Real Estate Get A Promotion?

 "Not since Clytemnestra and Agamemnon has there been such a mismatch."

Almost five years ago, I decried the demotion and relocation of the Department of Real Estate:

Although the DRE issues professional licenses, it is fundamentally a business...

SB 173, Administrative Procedure, Bureau of Real Estate, Commissioner of Real Estate, department of real estate, Senator Bill Dodd

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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
Partner at Allen Matkins
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