DFPI BDIA Examinations Continue To Decline

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

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

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

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?

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

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

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?

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:

California Finders Exemption Regulations Are Now Effective

The Commissioner of Business Oversight's final regulations implementing a new exemption for finders from the broker-dealer provisions of the Corporate Securities Law took effect on June 21, 2017.  See 10 CCR §§ 260.211.4, 260.211.5, 260.211.6 and...

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