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CALIFORNIA CORPORATE & SECURITIES LAW

Placement Agent Bill Amended

The amendments to AB 1743 (Hernandez) are now in print.  This bill would require placement agents with respect to California public retirement systems to register as lobbyists. These amendments address several technical concerns that I had with earlier versions of the bill.  In particular, I thought that the bill confused the two situations in which…

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Placement Agent Bill Advances

Assemblymember Hernandez introduced AB 1743  to require placement agents for funds and fund managers seeking business with California’s public retirement system to register as lobbyists.  The bill continues to progress through the legislature.  On Monday, it passed out of theCalifornia Senate Appropriations Commitee on a 8-0 vote according to the unofficial ballot.  This is good news for the bill’s…

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More on CalPERS’ Director Database Proposal

On Bastille Day, I posted this item about Gina Chon’s article in The Wall Street Journal about the plans of the California Public Employees’ Retirement System (aka CalPERS) to create a director database.   Today, Broc Romanek has posted an excerpt of an interview on this topic with Anne Sheehan, Director of Corporate Governance at the…

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Placement Agent Bill to be Heard Today

Earlier this year, Assemblymember Edward Hernandez introduced AB 1743 to require placement agents who assist in obtaining business from California public retirement systems, such as CalPERS and CalSTRS, to register as lobbyists.  Although there are a number of consequences to being classified as a lobbyist, the one that has attracted the most attention is the…

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CalPERS and the DDD

A few weeks ago, The Wall Street Journal reported that California’s largest public pension plan is planning to create a database of directors, which is being referred to as the “Diverse Director Database” or DDD.  Interestingly, a director registry has been part of the Corporations Code for 17 years. In 1993, former Senator Lucy Killea…

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A California Take on the SEC’s Pay-to-Play Rule

Earlier today, the Securities and Exchange Commission issued its final pay-to-play rule.  Among other things, the rule prohibits investment advisers from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees makes a contribution to specified elected officials or candidates. Because this blog…

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CalPERS’ Proposed Placement Agent Disclosure Rule Likely to be Amended

Last year, the California legislature enacted AB 1584 as an urgency measure. That legislation required the retirement boards of each public pension or retirement system to develop and implement, on or before June 30, 2010, a policy requiring the disclosure of payments to placement agents. CalPERS had previously adopted a disclosure policy but had not…

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