Last December, I wrote this post concerning the Commissioner’s proposed amendments to Rule 260.204.9.   This rule provides an exemption from registration for investment advisers to certain private funds.  The rule as currently in effect was adopted as an emergency regulation.

As required by the California Administrative Procedure Act, the Commissioner mailed notice of the proposed rule amendments in December of last year.  However, “tomorrow, and tomorrow, and tomorrow, creeps in this petty pace from day to day”.  With the new year, Senate Bill 617 (Calderon), Chapter 496, Statutes of 2011, took effect.  This bill amended the APA to impose new requirements on notices of rulemaking action and initial statements of reasons.  As a result, the Notice of Rulemaking Action published by the Department in January, 2012 was different from that mailed in December, 2011.  Here is the revised notice of rulemaking as published in the California Regulatory Notice Register (aka “Z-Register”) in January. (If you’re not familiar with the Z-Register, see “What is, What Will Be & What’s Passed – The CCR, Z-Register and Register“.

Please see full article below for more information.