In 2019, I wrote about a then pending proposal, SB 496 (Moorlach), to add broker-dealers and investment advisers to the category of mandated reporters of known or suspected financial abuse of elders or dependent adults. This legislation was later...
Nearly 700 Reports Financial Abuse of Elders/Dependent Adults Received By DFPI
Posted on February 14, 2022
California's Alarmingly Expansive Definition Of "Investment Adviser"
Posted on October 09, 2020
Is someone who predicts a future stock market crash and advises reallocating investments to precious metals or real estate an investment adviser? A recent complaint filed the Commodity Futures Trading Commission, California and 29 other states...
Unlicensed Broker-Dealers And Investment Advisers Face Treble Damages
Posted on July 01, 2019
In Yokell v. Draper, 2018 U.S. Dist. LEXIS 117427, U.S. Magistrate Judge Jacqueline Scott Corley wrote that "California Code of Civil Procedure section 1029.8 provides a private right of action for persons harmed by "[unlicensed persons who cause...
The Brochure Rule And Fund Advisers - This Surely Is Stupid Stuff!
Posted on March 12, 2018
Seven years ago, the Securities and Exchange Commission amended Part 2 of Form ADV to require investment advisers to provide new and prospective clients with a brochure and brochure supplements written in plain English. The SEC's stated purpose was...
Investment Advisers And Broker-Dealers Face Scant Likelihood Of California Examinations
Posted on February 15, 2017
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...
