California Corporate & Securities Law

Article 14, Section 12 of the California Constitution requires the Governor to submit a budget to the Legislature by January 10 of each year. The Constitution further required that the budget be accompanied by a budget bill, which the chairperson of...

In March 2023, the California Department of Financial Protection & Innovation proposed to adopt numerous regulations to "implement, interpret, and make specific registration requirements for covered persons under the California Consumer Financial...

Last week the California Department of Financial Protection & Innovation issued a report of its activities under the California Consumer Financial Protection Law.   The California legislature enacted the CCFPL in 2020 for the ostensible purpose "to...

Last week, Senator Steven M. Glazer introduced a bill, SB 1482, that would require licensing of "commercial financing providers" and "commercial financing brokers" with the Department of Financial Protection & Innovation under the California...

Each year, licensees under the California Financing Law (Cal. Fin. Code § 22000 et seq.) must file an annual report with the Department of Financial Protection & Innovation. The report is due on the Ides of March (the Ides of March). The DFPI uses...

In October, I reported on the Governor's signing of AB 39 which creates the Digital Financial Assets Law.   On or after July 1, 2025, the DFAL will prohibit a person from engaging in digital financial asset business activity without a license from...

A year ago, Governor Newsom vetoed a bill, AB 2269, which would have established a Digital Financial Assets Law.  At the time, the Governor claimed that it was "premature to lock a licensing structure in statute". What a difference a 12 months make....

The California Department of Financial Protection & Innovation recently posted its 2023 Annual Report to the Legislature regarding its broker-dealer and investment adviser programs. The report's title is a bit of a misnomer as most of the data in...

In February, I wrote that Assembly Member Timothy S. Grayson was taking another run at enacting a Digital Financial Asset Law.  His bill, AB 39, has steadily progressed and is now pending in the Senate.  According to the bill's digest, the bill will "...