Contact us at (949) 353-6347

    Does California's New Consumer Financial Protection Law Apply To SEC Registered Investment Advisers?

    As has been previously noted, California's Governor recently signed  AB 1864 (2020 Cal. Stats. Ch. 157) into law (aka the "California Consumer Financial Protection Law").  Broadly speaking, this new law will bestow new regulatory authority on the...

    Department of Business Oversight, Investment Advisers

    DBO Initiates Coordinated Examination Survey Of Investment Advisers

    Last week, the California Department of Business Oversight emailed a "Formal Examination Demand: Response Required" to investment advisers stating that the Department is conducting a "coordinated survey of registered firms and their business...

    Corporate Securities Law, Investment Advisers

    A Dozen Securities Law Professors Stake Absolutist Position On Adviser Duties

    I teach securities regulation at the University of California, Irvine and so have a toe hold in academia.  In my view, law schools are placed on the "isthmus of a middle state".  As such, they must continually wrestle with the question of whether...

    Investment Advisers

    Implied Private Right Of Action And The Corporate Securities Law of 1968

    Section 25235 of the California Corporations Code declares that is unlawful for an investment adviser to engage in a number of specified activities, including employing "any device, scheme, or artifice to defraud any client or prospective client". ...

    Investment Advisers

    DBO Reports Increase In Adviser Examinations

    The California Department of Business Oversight recently issued its annual Broker-Dealer/Investment Adviser report for the fiscal year ended June 30, 2017.  The DBO reports that it had 3,808 investment adviser firms licensed at year end.  These...

    Investment Advisers

    Attention Investment Advisers: Rules Are Not Statutes

    Last week, I cautioned the students in my Securities Regulation class that while it can be helpful to review the SEC filings of other registrants, one should never assume that they are correct.  A few days later, I noticed that the following...

    rule, 10 CCR Section 260.238, 25238, conflicts, Investment Advisers, statute

    Does A Political Yard Sign Really Violate The Investment Advisers Act?

    "Congress shall make no law . . . abridging the freedom of speech . . . ."

    pay-to-play, Rule 206(4)-5, SEC, caltrans, Investment Advisers, Investment Advisers Act, Outdoor Advertising Act, yard signs

    Real Estate Fund Advisers And Penumbra Registration

    Last August, the Securities and Exchange Commission adopted amendments to Form ADV, the form used by investment advisers to register with the SEC and with the states.  Included in these amendments were changes to allow multiple private fund adviser...

    private fund, real estate fund, Form ADV, Investment Advisers, Investment Company Act, Section 202(a)(29), Section 3(c)(5)(C), umbrella registration

    More On Real Estate Funds And The Investment Advisers Act

    In a previous post, I began to delve into the question of what is a "real estate fund".  See SEC Staff Reports On “Real Estate Funds”, But What Exactly Are They?  As noted in that post, a "real estate fund" as defined in Form PF cannot be a company...

    private fund, regulatory assets under management, Rule 203(m)-1, Investment Advisers, Investment Advisers Act, qualifying assets, Section 3(c)(5)(C), securities portfolio

    1 2