News & Analysis as of

Department of Business Oversight Securities and Exchange Commission (SEC)

Allen Matkins

Does California's New Consumer Financial Protection Law Apply To SEC Registered Investment Advisers?

Allen Matkins on

As has been previously noted, California's Governor recently signed  AB 1864 (2020 Cal. Stats. Ch. 157) into law (aka the "California Consumer Financial Protection Law").  Broadly speaking, this new law will bestow new...more

Allen Matkins

DBO Warns Of False Flag Email

Allen Matkins on

Impersonating government agencies and officials is nothing new. The Financial Industry Regulatory Authority, Inc. (FINRA) issued this detailed warning of this practice in 2016. Two years later, the Securities and Exchange...more

Allen Matkins

SEC Announces Launch Of SALI; What About The States?

Allen Matkins on

Earlier this week, the Securities and Exchange Commission announced the launch of a new online tool for investors. The SEC describes this tool as follows...more

Allen Matkins

Department Of Business Oversight Found Liable For Investors' Attorney Fees

Allen Matkins on

In 2011, the Department of Business Oversight filed a civil action against Investco Management & Development LLC and its promoters alleging various violations of the securities laws in connection with the offer and sale of...more

Allen Matkins

Corp Fin’s New Rule 701 C&DI And California’s Compensation Plan Exemption

Allen Matkins on

Yesterday, Broc Romanek reported that Corp Fin has published a new C&DI addressing the permissibility of electronic delivery of disclosures under Rule 701(e). Readers will recall that Rule 701 is an exemption from the...more

Allen Matkins

California’s Regulation A Notice Filing Requirement

Allen Matkins on

Two years ago, I posed the question: Will California Require Notice Filings For Regulation A Offerings? Corporations Code Section 25102.1(a) provides that offers and sales of to “qualified purchasers”, as defined by the...more

Allen Matkins

Will New Rule 147A Lead To A Renaissance In California Permit Applications?

Allen Matkins on

Yesterday, the Securities and Exchange Commission adopted a new intrastate offering exemption under the Securities Act of 1933. Significantly, new Rule 147A will have no restrictions on offers and will not require that an...more

Goodwin

Financial Services Weekly News - October 2016

Goodwin on

Editor's Note - Regulation and Innovation, Part IV. In the April 6, June 22 and September 14 editions of the Roundup, we discussed the approaches of various banking regulators generally, and the Office of the...more

Goodwin

Financial Services Weekly News - September 2015

Goodwin on

Regulatory Developments - California Department of Business Oversight Permits Money Transmitter to Treat Customer Funds in Designated Custodial Account as “Eligible Securities” - The California Department of...more

Allen Matkins

California Reverts To Former Securities Anti-Fraud Statute

Allen Matkins on

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

Allen Matkins

Will California Require Notice Filings For Regulation A Offerings?

Allen Matkins on

Last month, the Securities and Exchange Commission adopted amendments to Regulation A as required by Section 3(b)(2) of the Securities Act of 1933, which was added by Section 401 of the Jumpstart Our Business Startups (JOBS)...more

Allen Matkins

Facebook/Oculus VR Acquisition Raises Pseudo-Foreign Corporation Question

Allen Matkins on

Yesterday, The Guardian reported that Facebook had acquired Oculus VR using a combination of cash and stock. Facebook avoided SEC registration by availing itself of a fairness hearing before the Department of Business...more

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