June 18, 2019

June 17, 2019

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Department Of Business Oversight Continues To Grow

On January 10, 2018, Governor Jerry Brown issued his proposed budget for California's 2018/2019 fiscal year.  The proposed budget detail is available here.  The Governor is proposing a modest increase (about 3%) in the total number of program position from the current year.  Compared to the prior 2015/2016 fiscal year, however, the increase is more significant - about 25% (from 468.8 to 584 positions).  Despite significant federal preemption of state securities laws, the biggest increase has been in the Department's investment program which regulates the offer and sale of certain securities, franchises, and licenses and examines broker-dealers and investment advisers.  


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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm

Keith Paul Bishop is a partner in Allen Matkins' Corporate and Securities practice group, and works out of the Orange County office. He represents clients in a wide range of corporate transactions, including public and private securities offerings of debt and equity, mergers and acquisitions, proxy contests and tender offers, corporate governance matters and federal and state securities laws (including the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act), investment adviser, financial services regulation, and California administrative law. He regularly advises clients...