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CALIFORNIA CORPORATE & SECURITIES LAW

Is A “Rule” An “Order” And Why Would Anyone Care?

Pay-to-Play Rule Challenged Doug Cornelius recently wrote about the dismissal of a lawsuit challenging the Securities and Exchange Commission’s anti “pay-to-play” rule under the Investment Advisers Act of 1940.  New York Republican State Comm. v. SEC, 2014 U.S. Dist. LEXIS 138964 (D.D.C. Sept. 30, 2014).  In a nutshell, the rule (206(4)-5) prohibits federally registered and…

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Governor Signs Flawed Placement Agent Bill

Yesterday, Governor Arnold Schwarzenegger signed AB 1743 (Hernandez).  As discussed in previous posts, this bill will required placement agents for funds and advisers seeking access to CalPERS to register as lobbyists.  As such, they will not be able to obtain success fees.  Marc Lifsher provides more background on AB 1743 in this Los Angeles Times article. The California…

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