Commissioner Extends Comment Period On Investment Adviser Rule Changes


As posted last month, the Commissioner of Corporations has issued an invitation for comment on possible changes to California’s investment adviser rules. The deadline for submitting comments was set to expire this week. Just before year end, however, the Commissioner extended the comment period to January 21, 2011. The Commissioner is seeking comments in accordance with Government Code § 11346.45 before formally publishing rule changes for comment in accordance with the Administrative Procedure Act.

The Commissioner’s areas of interest include the custody of client funds, minimum financial requirements, advertising, brochure requirements, client solicitations, ethics, and books and records. For more information concerning the Commissioner’s invitation for comment, see Release PRO 27/03.

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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.

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