Assembly Member Takes Another Run At Digital Financial Asset Law

In June of last year,  noted the introduction of a bill that would subject digital financial asset businesses to licensing in California.  See California Fingers Digital Financial Asset Businesses For Licensing.  In September, Governor Gavin Newsom...

When Selling Partnership Interests May Require A Real Estate Broker's License

The definition of a "real estate broker" under the California Real Estate Law encompasses much more than simply selling real estate.   For example, Business & Professions Code Section 10131.3 defines a real estate broker as "a person who, for...

Does California Regulate Finfluencing?

A week ago, the United States Securities and Exchange Commission charged Kim Kardashian with touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion.   According...

California Bill Would Regulate Digital Financial Assets, But Leaves Status Under Securities Laws Unanswered

In June, I reported that Assemblymember Grayson had gutted and amended AB 2269 to establish a "Digital Financial Assets Law" to be administered by the Department of Financial Protection & Innovation.   The bill was amended earlier this week to,...

If You Filed This Notice Of Exemption With The DFPI, You Have Filed It In The Wrong Place

Section 25102.5 of the California Corporations Code exempts from the issuer qualification requirement of the Corporate Securities Law of 1968 a "transaction" that is the sale of: (i)  a series of notes secured directly by an interest in the same...

"All Purchasers" Does Not Always Mean All Purchasers

I started practicing law in the same year that California enacted a limited offering exemption for the offer and sale of securities in issuer transactions, Cal. Corp. Code § 25102(f).  Before then, issuers had to rely on California's very burdensome...

A Truly Piscatory Exemption

California's blue sky law, the Corporate Securities Law of 1968, generally requires that offers and sales of securities be qualified unless the security or transaction is exempt or not subject to qualification.  Most exemptions are conveniently...

Why Privity Matters

In 2011, I posed the following question: Is Privity Required Or Not Required Under Section 25500?  Section 25500 of the California Corporations Code provides the remedy for violations of Section 25400 which declares unlawful a variety of...

Insider Trading Under The CSL - There Is No Shadow Of Turning With Thee

Last summer, the Securities and Exchange Commission charged yet another corporate insider, Matthew Panuwar, with insider trading.  This case was unusual because Mr. Panuwar did not trade in the securities of his employer, Medivation, or its...

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