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CALIFORNIA CORPORATE & SECURITIES LAW

Bay State Security Breach – Implications for the Golden State

Broc Romanek recently posted an item from Alan Parness concerning a security breakdown at the Massachusetts Securities Division.  Alan raises an excellent question about whether a state agency would be as forgiving of someone that it regulates. Privacy would seem to be a very important issue in California.  In fact, the very first article and…

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It Really Isn’t Too Late

As noted in yesterday’s post, the deadline for comments on the Commissioner of Corporation’s proposal to adopt a rule to address the Court of Appeal’s holding in People v. Cole, 156 Cal. App. 4th 452 (2007) was yesterday.  Yesterday, however, the Commissioner extended the comment period until July 20, 2010.  The opportunity for comment is…

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The DOC’s Fiscal State

Last week, I mentioned that the Department of Corporations’ source of money is a special fund in the state’s budget. This special fund is known as the “State Corporations Fund” and it typically receives the bulk of its cash inflows from licensing and permit fees. Unlike the General Fund with its current zero cash balance,…

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Will DOC Employees be Reduced to Minimum Wage?

As noted in a post last Friday, employees at the Department of Corporations have returned to working on the first three Fridays of each month.  This is good news for state employees because they will now get paid for those days.  However, this good news is tempered by the fact that Governor Schwarzenegger has ordered…

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The Back of the Phone Book

Before working in Sacramento, I didn’t have a very clear picture of the overall structure of the executive branch.  Then, I discovered the back of the phone book.  In this case, the phone book was the State of California Telephone directory.  On the back was an organizational chart of the executive branch with each department in its own…

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Commissioner DuFauchard Proposes Broker-Dealer Safe Harbor Rule

In 2007, a California Court of Appeal held that corporate officers and directors may be subject to licensure as broker-dealers unless they receive a commission for the sale of securities.  People v. Cole, 156 Cal. App. 4th 452 (2007).  Although the court’s holding should be viewed in the context of the unique facts of that…

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