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How Much Does Your Banker Make?

In the midst of the Great Depression, The New Yorker published a poem by Ogden Nash entitled “Bankers Are Just Like Anybody Else, Except Richer”.  But are bankers really wealthier than hoi polloi?  The answer may be found in the Department of Business Oversight’s annual survey of bank officer and director at state-chartered banks, national…

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Suitability Of Broker-Dealer Recommendations And Litotes

The Financial Industry Regulatory Authority, better known as FINRA, imposes a suitability requirement on its members.  Rule 2111(a) requires, in part, that a broker-dealer or registered representative “have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer” based on the customer’s investment…

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Filing Notices of Exemption Online In California

Occasionally, I’m asked whether it is possible to file a specific notice electronically using the California Department of Business Oversight’s online portal.  To use this service, you must register online.  There are two registration options: Option A is for quick notice filings and Option B is for applying for a license, registering a franchise or applying for…

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