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    California Lags Behind The SEC In Permitting Testing Of The Waters In Regulation A Offerings

    In 2015, the Securities and Exchange Commission adopted amendments to Regulation A and other rules and forms to implement Section 401 of the Jumpstart Our Business Startups (JOBS) Act.  One significant enhancement to Regulation A was to permit...

    California Securities Laws, Form 1-A, offers, preemption, Tier 1, Tier 2, 260.105.29, offering statement, Regulation A, Section 25102(a), test the waters

    Qualification Of Offers And Sales Of Non-Voting Common Stock Is No Snap In California

    In March, Snap Inc. announced that it and the selling stockholders had sold of 230 million shares of Class A Common Stock to the public at an initial public offering price of $17.00 per share.  The gross proceeds of the offering to the company and...

    California Securities Laws, 10 CCR Section 260.140.1, non voting common stock, NYSE, preemption, Section 25100(o), Bernard Sharfman, Hazel Bradford, Snap Inc., Stephen Bainbridge

    Magistrate Judge Rules SEC's Attorney-Conduct Rules Preempt State Law

    Last December, Chief Magistrate Judge Joseph C. Spero ruled that the SEC's attorney-conduct rules preempt California's statutory and professional rules requiring attorneys to maintain inviolate the confidences.  Wadler v. Bio-Rad Laboratories,...

    Part 205 Rules, preemption, attorney-client privilege, Attorney-Client Privilege/Work Product, Section 6068(e), Wadler v. Bio-Rad