Does New York's Martin Act Conflict With California's Blue Sky Law?

A recent dispute between plaintiffs domiciled in California and defendants domiciled in New York caused U.S. District Court Judge Arthur D. Spatt to ponder whether to apply New York's Martin Act or California's Corporate Securities Law of 1968.  He...

Industrial Development Bonds And The Mystery Of Federal Preemption

This should be a straightforward question - Are qualification and registration requirements under state securities laws preempted with respect to industrial development bonds?

Industrial Loan Company Securities - They May Or May Not Be What You Assume Them To Be

California Corporations Code Section 25100 is a long list of securities exempt from the qualification requirements of the Corporate Securities Law of 1968.  Last on this list (Section 25100(t)) is any security issued or guaranteed by and...

Did The Legislature Grant A License To Lie To The Cannabis Industry?

An entire division of California's Business & Professions Code is devoted to a single plant genus - Cannabis.  The official name of the division is the "Medicinal and Adult-Use Cannabis Regulation and Safety Act" aka the MAUCRSA.  Bus. & Prof. Code...

Something Appears To Be Awry With California's Insider Trading Statute

I trust that by now most quotidian readers of this blog should be familiar with Corporations Code Section 25402 which declares insider trading to be unlawful.  Although the statute has been on the books since the enactment of the Corporate...

District Court Rules Plaintiff Failed To Plead Real Estate Investment Was A "Security"

Both the Securities Act of 1933 and the California Corporate Securities Law of 1968 provide similar, but not the same, definitions of a "security".  See Making A List Of Securities And Checking It Twice.  Although these lists are expansive, courts...

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