Since I served as Commissioner of Corporations in the 1990s, the Department of Corporations has consolidated with the Department of Financial Institutions and changed its name twice. It is now known by the unwieldy name of...more
Earlier this month, the California Department of Financial Protection & Innovation issued a quasi interpretive opinion regarding whether the unnamed requestor must be licensed under California's Money Transmission Act to...more
On Wednesday, President Biden announced that he has nominated Mark Uyeda to serve as a member of the Securities and Exchange Commission. Mark's work history as an attorney at the SEC should equip him well to serve as a...more
The Department of Business Oversight is more than a securities regulator. When I headed the Department of Corporations, it was also a health care regulator - administering and enforcing California's Knox-Keene Health Care...more
Readers of this blog will recall my chariness of a 2013 amendment to California’s basic securities anti-fraud statute. See California Creates Complete Chaos By Rewriting Anti-Fraud Statute, But “We Are Against Fraud Aren’t...more
We strongly urge our clients to consider closing dates, lien lapses, and other filings or deadlines. The Delaware Secretary of State has advised that as a result of a major computer system transition at the Division of...more
Too often, expansion-minded business owners choose to offer trademarked products or services through purported licensing agreements or distribution or dealership arrangements only to discover, well into the game, that what...more
When I joined the Department of Corporations, it had no website and filings were made only in hard copy. In the ensuing years, the Department (now known as the Department of Business Oversight) created a website, established...more
All fees, reimbursements, assessments, and other money or amounts charged and collected by the Department are required to be deposited into the the State Corporations Fund. Cal. Gov’t Code § 13978.6(b). The legislature...more
Last week, the Department of Corporations issued this bulletin which it styled as a “Crowdfunding Update”. The Bulletin makes several important points....more
Last August, the Department of Corporations approved the acquisition of Instagram, Inc. by Facebook, Inc. following a fairness hearing. See DOC Calls It Fair. According to this Los Angeles Times story by Salvador Rodriguez,...more