California Corporate & Securities Law

The California Administrative Procedure Act provides that an agency's decision in an adjudicative proceeding "may not be expressly relied on as precedent unless it is designated as a precedent decision by the agency". Cal. Govt. Code § 11425.60(a)....

The Department of Business Oversight is more than a securities regulator. When I headed the Department of Corporations, it was also a health care regulator - administering and enforcing California's Knox-Keene Health Care Service Plan Act of 1975,...

Article I, Section 16 of the California Constitution "Trial by jury is an inviolate right and shall be secured to all. . . ." The right may be "inviolate" but it does have limits. Thus, it is limited to the right as it existed in 1850, when...

In 2011, the Department of Business Oversight filed a civil action against Investco Management & Development LLC and its promoters alleging various violations of the securities laws in connection with the offer and sale of LLC membership interests....

On January 10, 2018, Governor Jerry Brown issued his proposed budget for California's 2018/2019 fiscal year.  The proposed budget detail is available here. The Governor is proposing a modest increase (about 3%) in the total number of program position...

Nearly one year ago, the California Department of Business Oversight proposed regulations to implement the provisions of AB 667 (Wagner). The bill, which was enacted in 2015 and took effect last year, created a new exemption from the broker-dealer...

Last July, the California Department of Business Oversight proposed regulations to implement the provisions of AB 667 (Wagner). The bill, which was enacted in 2015 and took effect last year, created a new exemption from the broker-dealer...

The California Department of Business Oversight recently issued a report on its Broker-Dealer/Investment Adviser Program. This report was required by the Budget Act of 2014. Although short, the report provides some interesting data about...