APA Amendments Cause Extension Of Rule 260.204.9 Comment Period
Last December, I wrote this post concerning the Commissioner’s proposed amendments to Rule 260.204.9. This rule provides an exemption from registration for investment advisers to certain private funds. The rule as currently in effect was adopted as an emergency regulation. As required by the California Administrative Procedure Act, the Commissioner mailed notice of the proposed rule amendments in December of last year. However, Read more...
Bill Seeks To Mandate Corporate Political Disclosures
The fallout from the U.S. Supreme Court’s decision in Citizens United v. Federal Election Com’n, 130 S. Ct. 876 (2010) continues. Earlier this week, California State Senator Noreen Evans introduced a bill, SB 982, to require corporations to issue a report on planned political spending as well as expenditures for the previous fiscal year. The report must include the following: Read more...
Stop SOPA? Hey, It’s Already The Law!
The Stop Online Piracy Act (SOPA), H.R. 3261, has been attracting a lot of attention lately. However, here in California, we’ve been living under the SOPA for better than half a century. The California SOPA is the Securities Owners Protection Act (or Law) which can be found at Corporations Code Section 27000 et seq. The law is generally intended to protect security owners from fraud Read more...
Governor Proposes To Consolidate The DFI And DOC
Article IV, Section 12(a) of the California Constitution requires the Governor to submit to the legislature a proposed budget for the ensuing fiscal year within the first ten days of the calendar year. Governor Jerry Brown met this deadline by announcing his proposed budget on January 5, 2012. I was surprised and dismayed to see that Governor Brown is reviving the Read more...
Say It Isn’t So! Section 25102(f) To Be Amended To Condition The Exemption On Filing An “F” Notice?
The California Senate Banking and Finance and the Assembly Business, Professions and Economic Development committees have scheduled a joint informational hearing on hard money lending for January 18, 2012. According to the proposed agenda, legislators will hear from consumers and investors, representatives from the Departments of Real Estate and Corporations, as well as the industry. A “hard money” loan is what you Read more...
Why Was The Office Of Commissioner of Corporations Abolished?
California’s first Commissioner of Corporations, Herschel L. Carnahan, took office in 1914, the same year that the office of the Commissioner of Corporations ceased to exist. This seeming contradiction is explained by the fact that the office abolished that year belonged to a federal, not state, official who headed an agency known as the Bureau of Corporations. In 1903, President Read more...
Department Of Corporations News For The New Year
New General Counsel For the Department of Corporations, the new year begins with a new Commissioner, Jan Owen (see Welcome to Jan Owen, California’s Newest Commissioner of Corporations!). In December, Governor Jerry Brown also appointed John R. Hanna as General Counsel. Mr. Hanna is an Orange County attorney. Since 1998, he has served as a member of the Board of Read more...
Welcome To Jan Owen, California’s Newest Commissioner Of Corporations!
Yesterday I was very pleased to read that California’s Governor Jerry Brown had announced the appointment of Jan Owen to fill the Commissioner’s seat that Preston DuFauchard will be leaving at the end of the year. I’ve known Jan since my days at the California Business, Transportation & Housing Agency. At that time, she was serving as Chief Committee Consultant for the California Senate. Read more...
The Legacy Of The Commissioner Who Was Indicted
In an earlier post, I wrote about Edwin M. (“Mike”) Daugherty who served as California’s Commissioner of Corporations from 1922 until 1926 and then from 1931 to 1954. He was succeeded by interim Commissioner Clifford J. MacMillan. Then in March 1927, Governor Clement C. Young appointed Los Angeles City prosecutor Jack Friedlander to the post. Within two months of taking office, the Read more...
Commissioner DuFauchard To Leave At Year’s End
A Job Well Done Yesterday, I received word that Commissioner Preston DuFauchard plans to leave at the end of this year. Former Governor Arnold Schwarzenegger appointed Preston in June 2006 and he continued to serve under Governor Jerry Brown. Notably, Preston’s service began before the collapse of the economy and the ensuing turmoil in the mortgage lending industry. Many securities lawyers Read more...
