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    Report Issued On Two-For-One Executive Order, But What About The SEC?

    The Office of Information and Regulatory Affairs recently published a report on the fiscal 2018 results of President Trump's Executive Order 13771 (Jan. 30, 2017) requiring federal agencies and departments to, among other things, eliminate two...

    Administrative Procedure

    Supreme Court Shows No Deference To The DBO

    For U.S. Supreme Court followers, a hot topic is whether the Court will continue to apply "Chevron deference".  Under Chevron U.S.A., Inc. v. Natural Resources Defense Council, 467 U.S. 837 (1984), a court will uphold an agency's interpretation of...

    Finance Lenders Law, Administrative Procedure

    The SEC Shows That It's Never Too Late To Correct Some Mistakes

    In 1997, the Securities and Exchange Commission adopted revisions to forms and schedules filed under the Securities Act of 1933, the Securities Exchange Act of 1934, related provisions of the Investment Company Act of 1940 and the Public Utility...

    Administrative Procedure

    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:

    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:

    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

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