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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 . . . ."

Doug Cornelius recently published this post reporting that the SEC staff is taking the position that the pay-to-play rule, Rule 206(4)-5, applies to political yard signs.  ...

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

SEC Staff Reports On "Real Estate Funds", But What Exactly Are They?

Yesterday, the SEC staff announced that it had published a suite of new data and analyses of private fund statistics and trends.  These data include information with respect to "real estate funds".  But what exactly is a "real estate fund"?  The...

private fund, real estate fund, SEC, Form PF, Investment Advisers, Section 3(c)(7)

False Statements By Money Managers Support California Commodity Law Convictions

In 1990, California enacted the California Commodity Law, Stats. 1990, Ch. 969, Corp. Code § 29500 et seq.  Although this law hasn't attracted the attention of legal writers, it has some very sharp teeth, as illustrated by the recent case of People...

forex, People v. Martinez, California Commodity Law, commodity, foreign exchange, Insider Trading, Investment Advisers, justice Terry B. O'Rourke, Section 25402, Section 29500, Section 29536, Yahoo

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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
Partner at Allen Matkins
(949) 353-6328
 Contact me
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