Bill Text: CA AB2150 | 2019-2020 | Regular Session | Amended
Bill Title: Corporate securities: limited exemption: study.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2020-08-20 - In committee: Held under submission. [AB2150 Detail]
Download: California-2019-AB2150-Amended.html
Amended
IN
Senate
July 08, 2020 |
Amended
IN
Assembly
May 21, 2020 |
Amended
IN
Assembly
May 04, 2020 |
Introduced by Assembly Member Calderon |
February 10, 2020 |
LEGISLATIVE COUNSEL'S DIGEST
This bill, until January 1, 2026, would create an exception from the above definition by providing that a digital asset meeting specified criteria is presumptively not an investment contract within the meaning of a “security.” The bill would allow that presumption to be rebutted upon good cause shown by a preponderance of the evidence by the Commissioner of Business Oversight, as specified.
Existing law authorizes the
Commissioner of Business Oversight to make public or private investigations to determine if a person has violated or is about to violate any provision of the Corporate Securities Law of 1968 and, among other powers, to publish information concerning any violation of this law. Existing law authorizes the commissioner, in making an investigation, to take temporary possession of the books, records, accounts, and other papers pertaining to the business of any broker-dealer or investment adviser, as specified, and to administer oaths, subpoena witnesses, and take various other legal actions related to an investigation.
This bill would provide that the authority of the commissioner to investigate a person for a potential violation of the Corporate Securities Law of 1968 is not constrained by the rebuttable presumption described above. The bill would repeal these provisions on January 1, 2026.