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Exemptions Department of Business Oversight

Morrison & Foerster LLP

Is California’s Agent Of A Payee Exemption Shrinking?

Earlier this year, the California Department of Business Oversight (DBO) issued a draft rulemaking relating to the scope of the agent of a payee exemption (the “Exemption”) under the Money Transmission Act, Cal. Fin. Code §...more

Allen Matkins

Fairness Hearings Are Not Just For Merger Transactions

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Section 3(a)(10) of the Securities Act provides an exemption from Securities Act registration for offers and sales of securities in specified exchange transactions. There are several conditions to the exemption, including...more

Allen Matkins

Negotiating Permits?

Allen Matkins on

The title of yesterday’s post may have been a bit recondite for some readers as I never directly mentioned negotiating permits in the post. Therefore, today’s post will back up a bit and fill in some of the missing pieces....more

Allen Matkins

California Finders Exemption Regulations Are Now Effective

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The Commissioner of Business Oversight’s final regulations implementing a new exemption for finders from the broker-dealer provisions of the Corporate Securities Law took effect on June 21, 2017. See 10 CCR §§ 260.211.4,...more

Allen Matkins

Department Of Business Oversight Proposes Changes To Proposed Finders Rule

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Last July, the California Department of Business Oversight proposed regulations to implement the provisions of AB 667 (Wagner). The bill, which was enacted in 2015 and took effect last year, created a new exemption from the...more

Allen Matkins

California’s Private Fund Adviser Exemption

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Before the enactment of the Dodd-Frank Act in 2010, many advisers to alternative investment vehicles, such as hedge funds, private-equity funds, and venture capital funds relied on the Section 203(b)(3) exemption from...more

Allen Matkins

The DBO Wants Your Social Security Number, But Is It Legal?

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Readers will recall that last year the California legislature created a statutory exemption for finders from the California’s registration requirement for broker-dealers (Chap. 743, Stats. 2015). That exemption, codified at...more

Allen Matkins

California DBO Proposes Finders Exemption Regulations

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Last fall, California enacted a finders exemption to the broker-dealer registration requirement under the Corporate Securities Law of 1968. See Governor Signs Finders Exemption Bill. This new exemption took effect on...more

Morrison & Foerster LLP

Narrowing of Licensing Exemption Under California Finance Lenders Law for Consumer Lenders and Brokers

The California Department of Business Oversight (the “CDBO”) has issued a new regulation that will eliminate a statutory licensing exemption under the California Finance Lenders Law (the “CFLL”) for nonbank operating...more

Allen Matkins

Commissioner Ponders Whether To Exempt Real Estate Brokers From Investment Adviser Registration

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Last week, the Commissioner of Business Oversight issued an invitation for comment on whether to exempt real estate brokers from the investment adviser certification requirement under the Corporate Securities Law of 1968....more

Allen Matkins

DBO Proposes Reversal Of Long-Standing CFLL Interpretation

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The California Finance Lenders Law generally requires that a person engaged in the business of making consumer loans and/or commercial loans obtain a license from the Department of Business Oversight. Cal. Fin. Code § 22100....more

Morrison & Foerster LLP

Proposed Narrowing of Licensing Exemption under California Finance Lenders Law

The California Department of Business Oversight (“CDBO”) has proposed to narrow a long-standing interpretation of a statutory licensing exemption for certain lenders under the California Finance Lenders Law (“CFLL”)1. The...more

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