Rule 260.204.9 – What is to be Done (Part II)?

Last August, I wrote about the impact of the Dodd-Frank Act on Rule 260.204.9 in this post. Last Thursday, I attended a meeting called by the Department of Corporations to solicit input from persons with an interest in the rule. Technically, the meeting was held in accordance with Government Code § 11346.45. That statute requires state agencies to “involve parties who would be subject to the proposed regulations in public discussions regarding those proposed regulations, when the proposed regulations involve complex proposals or a large number of proposals that cannot easily be reviewed during the comment period”.

Commissioner DuFauchard and Corporations Counsel Ivan Griswold attended the meeting as did a number of lawyers from the private sector and a representative of the North American Securities Administrators Association (NASAA). The Department recognizes that Rule 260.204.9 must be amended, if for no other reason than it refers to, and is premised upon, Section 203(b)(3) of the Investment Advisers Act of 1940 which has been repealed effective next July.

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