Last week, the North American Securities Administrators Association sent a letter to U.S. Senate and House committee leaders expressing concern that the appropriations process will "may be used to advance provisions in the draft JOBS Act 4.0 that...
NASAA Urges Congress To Codify M&A Broker Relief
Posted on December 05, 2022
DFPI BDIA Examinations Continue To Decline
Posted on February 15, 2022
The California Department of Financial Protection & Innovation's Broker-Dealer/Investment Adviser (BDIA) program licenses and regulates investment advisers, investment adviser representatives, broker-dealers, and broker-dealer agents. Over the...
Nearly 700 Reports Financial Abuse of Elders/Dependent Adults Received By DFPI
Posted on February 14, 2022
In 2019, I wrote about a then pending proposal, SB 496 (Moorlach), to add broker-dealers and investment advisers to the category of mandated reporters of known or suspected financial abuse of elders or dependent adults. This legislation was later...
NASAA Urges No Liftoff For Finders Relief
Posted on November 16, 2020
Last week, the North American Securities Administrators Association issued a comment letter urging the Securities and Exchange Commission not to move forward on its proposal to issue a conditional order exempting finders from the requirement to...
SEC's Proposed Exemptive Order For Finders Overlooks California Exemption
Posted on October 08, 2020
Yesterday's big news at the Securities and Exchange Commission was a proposed exemptive order for finders. The question of whether issuers can compensate anyone other than a registered broker for finding investors has bedeviled attorneys and their...
Will Regulation "Best Interest" Preempt State Law?
Posted on February 07, 2019
Yesterday's post concerned possible arguments that federal law preempts Nevada's fiduciary standard for broker-dealers. At present, any preemption would have to be based on the National Securities Markets Improvement Act and/or the Dodd-Frank Act. ...
DBO Issues BDIA Report
Posted on January 18, 2019
The 2014 Budget Act requires the Department of Business Oversight to provide a report on its broker-dealer/investment adviser program to the the Legislature and the Department of Finance by January 10 of each year. While not exactly scintillating...
Another Foolish Inconsistency - This Time For Broker-Dealers
Posted on December 08, 2017
Yesterday's post chided Glass, Lewis & Co., LLC for its inconsistent positions on majority rule. Today's post tackles a foolish inconsistency in the California Codes. Section 25217(c) of the California Corporations Code provides:
Must A Broker-Dealer Be Licensed As A Personal Property Broker?
Posted on July 24, 2017
Is your California securities broker-dealer a licensed personal property broker? Does it need to have such a license to make loans to its customers? Anyone reading California Corporations Code Section 25217(c) would conclude that it must:
