Website Heading

CALIFORNIA CORPORATE & SECURITIES LAW

Commissioner Previews Potential Private Fund Adviser Rule Changes

If you’re reading this blog, then you had a better Ides of March than Julius Caesar did in 44 B.C.E.  In this March 5 post, I reported that the Commissioner of Corporations would be seeking comments on proposed amendments to Rule 260.204.9.  Yesterday, the Commissioner issued this Invitation for Comments.  As discussed in several earlier posts,…

Share on:

Bill To Amend Placement Agent Law Introduced

As discussed in this posting from last October, the legislature enacted AB 1743 to require placement agents for funds and advisers seeking access to CalPERS or other California public retirement systems to register as lobbyists.  Although I had commented on the bill, I was less than pleased with the final product. Senator Ed Hernandez, who…

Share on:

Video: What’s In Store For California’s Exemption For Venture Capital Fund Managers?

View the video Managers of venture capital funds have largely avoided registration as investment advisers.   The Dodd-Frank Act has significantly changed the exemptions from federal registration and will cause California change its exemptions as well.  This video discusses what may be in store for venture capital managers.

Share on:

Guest Post: Are Some California Fund Manager Performance Fees in Doubt?

By Matthew J. Ertman The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) repeal of the private adviser exemption could eliminate the ability of some California fund managers to charge performance fees (often referred to as the manager’s carried interest). Effective July 21, 2011, private equity, venture capital and hedge fund managers will…

Share on:

Commissioner To Ask For Comments On Rule 260.204.9

Look for the Commissioner of Corporations to be issuing a solicitation for comments on proposed changes to Rule 260.204.9.  As will be discussed in a Guest Blog to be posted on Monday, the Commissioner has announced that he is considering changes to Rule 260.204.9 in light of the enactment of the Dodd-Frank Act last summer.  Currently,…

Share on:

“Shut, Shut The Door, Good John!” Bill Introduced To Close Revolving Pension Fund Door

Last week in this post, I wrote about the California Controller John Chiang’s announced intention to sponsor legislation to shut the revolving door between California’s two largest public retirement systems, CalPERS and CalSTRS, and the private sector.  Last week, Assemblyman Warren Furutani introduced AB 873.   Below is the Legislative Counsel’s description of the bill: This bill would prohibit…

Share on:

Video: Dodd-Frank Act To Increase State Oversight Of Hedge Fund Advisers

Watch the video In enacting the Dodd-Frank Act, Congress significantly altered the regulatory landscape for hedge fund advisers by eliminating (effective July 21, 2011) the fewer-than-fifteen client exemption from registration pursuant to Section 203(b)(3) of the Investment Advisers Act of 1940.  At the same time, Congress increased the assets under management threshold for registration as an investment adviser…

Share on:

Controller To Sponsor Bills Aimed At Influence Peddling At CalPERS And CalSTRS

On February 3, 2011, California Controller John Chiang sent this letter to Rob Feckner, Chairman of the California Public Employees Retirement System.  The Controller is an ex officio member of the CalPERS Board of Administration. The first bill would reduce the annual gift allowance under California’s Political Reform Act from $450 to $50.   According to…

Share on:

CalPERS’ Placement Agent Investigators Admit Cooperation With The SEC and Prosecutors

On Wednesday, February 16, 2011, the Board of Administration of the California Public Employees Retirement System will consider proposed steps to implement the twelve recommendations resulting from a special review by an outside law firm of placement agent activities.  These recommendations were presented to the Board of Administration at its December, 2010 meeting. According to…

Share on:

OAL Approves CalPERS’ Placement Agent Disclosure Regulation / Bill Introduced To Require Ethnic And Gender Reporting By CalSTRS & CalPERS

More than a year ago, I petitioned the California Public Employees Retirement System to adopt placement agent disclosure regulations in accordance with the California Administrative Procedure Act.  Last Friday, the California Office of Administrative Law approved CalPERS’ proposed regulation.  The new regulation is codified at 2 CCR § 559.    The regulation will take effect on filing with the California Secretary of State in accordance…

Share on: