Commissioner Proposes Custody Rule

Over a year ago, the Commissioner issued this invitation for comments with respect to a complete rewriting of California’s custody rule for investment advisers, 10 CCR § 260.237.  The Commissioner received a number of comments.  However, none of the commenters suggested a comprehensive alternative approach.  Now, the Commissioner has issued notice of her intention to proceed with rule making. The proposed rule in general adopts the model rule adopted by the  North American Securities Administrators Association (Model Rule 102(e)(1)-1).

The Commissioner has not scheduled a hearing on the proposed rule.  However, any interested person or his or her duly authorized representative may request, in writing, a public hearing pursuant to Section 11346.8(a) of the California Government Code. The Department of Corporations must receive a request for hearing no later than 15 days prior to the close of the written comment period.  The comment period ends at 5:00 p.m. on December 31, 2012.

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Allen Matkins Leck Gamble Mallory & Natsis LLP | Attorney Advertising

Written by:

more+
less-

Allen Matkins Leck Gamble Mallory & Natsis LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×