Broker-Dealer, State Investment Advisers and SEC Investment Advisers

What's New

  • 12/07/12 - The Commissioner of Corporations proposes to adopt and amend various sections of Title 10 of the California Code of Regulations.  This regulatory action proposes to, among other things, amends license and renewal license application forms under the Corporate Securities Law of 1968 (broker-dealers, agents, investment advisers). The period within which to comment on this proposed regulatory action ends on January 28, 2013. 
  • 07/17/12 - On July 16, 2012, The Corporations Commissioner ("Commissioner") filed the final amendment to Section 260.204.9 of Title 10, of the California Code of Regulations (Certificate Exemption for Investment Advisers to Private Funds) with the Office of Administrative Law (OAL). The amendment would create a new exemptive framework for advisers to private pooled investment vehicles.By way of background, on July 21, 2011, the Commissioner promulgated emergency regulations to preserve a state exemption from state registration for investment advisers.  (Cal. Code Regs. tit. 10, § 260.204.9).  The emergency regulations were re-adopted on January 18, 2012 and April 17, 2012.  The notice of proposed rulemaking for the permanent regulations was published in the Notice Register on January 6, 2012.

    The emergency regulation remains in effect during OAL’s review (Gov. Code § 11346.1(e)).  The Commissioner will provide an update on its Internet website upon final promulgation of the amended rule.

    Further background on the process surrounding the adoption and extension of emergency regulations is available at:
  • 03/27/12 - The Commissioner of Corporations is providing notice that on April 4, 2012, the Department will file an emergency regulation extending the effectiveness of Rule 260.204.9 of Title 10 of the California Code of Regulations.  Rule 260.204.9 currently exempts from registration investment advisers who are deemed “private advisers.”  This emergency regulatory action will become effective on April 17, 2012, the same day as the expiration of the current emergency regulation, and will expire on July 16, 2012.  (PRO 02/11 - E)
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  • Laws & Rules for Broker-Dealers and Investment Adviser
  • Rule Changes
    The Commissioner may propose to adopt, repeal and amend rules under the Corporate Securities Law of 1968 relating to the regulation of broker-dealers and investment advisers.  From time to time, you should visit our web site to review the proposed rule change.