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    Court Rules Rights To Timeshare Vacation Points Are Not Securities

    Both the Securities Act of 1933 and the California Corporate Securities Law of 1968 define the term "security" by providing long and varied lists of financial instruments and contractual relationships.  Neither law mentions timeshare vacation points

    Corporate Securities Law

    This Blue Sky Law May Cast A Shadow On Promissory Note Amendments

    The California Corporate Securities law requires qualification of three categories of transactions: issuer, recapitalization/reorganization transaction, and nonissuer.  Cal. Corp. Code §§ 25110, 25120 & 25130.  The second category includes "any...

    Corporate Securities Law

    To File Or Not To File Under Rule 260.103?

    California's limited offering exemption (Cal. Corp. Code § 25102(f)) requires an issuer to file a notice of transaction with the Department of Business Oversight with 15 calendar days after the first first sale of the security in California. 10 CCR...

    Corporate Securities Law

    Do California Courts Classify Promissory Notes As Securities Based On Their Phenotype?

    A recent decision by U.S. District Judge Paul G. Gardephe has attracted attention among bank finance lawyers by ruling that the sale of promissory notes to "a few hundred" investors did not involve the offer or sale of a security. Kirschner v....

    Corporate Securities Law

    DBO "Issues" Private Placement Alert

    Yesterday, the California Department of Business Oversight announced that it had "issued an investor advisory on exempt securities offerings, also known as 'private placements,' in light of the coronavirus pandemic."  Actually, the release is an...

    Corporate Securities Law

    Legislator Proposes Securities Law Exception For Digital Assets
    California's Corporate Securities Law of 1968 defines "security" by providing a long list of financial instruments.  Cal. Corp. Code Section 25107.  Not included on the list are so-called digital assets.  In modern parlance, a digital asset is an...

    Corporate Securities Law

    A "Security" By Another Name Is Carelessness

    The Corporate Securities Law of 1968 defines a "security" essentially by providing a list. Cal. Corp. Code § 25019.  The statutory list is similar, but not precisely the same as, the definitional lists of securities found in the Securities Act of...

    Corporate Securities Law

    This DBO Rule Has More Than One Red Herring

    Regulation A (aka "Reg A") is an exemption from the registration requirement of the Securities Act of 1933 that, subject to numerous conditions, allows issuers to offer and sell securities to the public with reduced disclosure requirements.  Issuers...

    Corporate Securities Law

    A Taxonomy Of Issuer And Nonissuer Transactions

    Yesterday's post concerned a recent ruling by U.S. District Court Judge Phyllis J. Hamilton concerning whether a plaintiff's purchase of a cryptocurrency was subject to qualification as an "issuer transaction" under the California Corporate...

    Corporate Securities Law

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