PART 3. REGULATION AND NOTICE FILING REQUIREMENTS OF AGENTS, BROKER-DEALERS, INVESTMENT ADVISER REPRESENTATIVES, AND INVESTMENT ADVISERS
Heading of Part 3 amended by Stats. 1997, Ch. 391, Sec. 16.
§§ 25200–25256 · 55 sections
CHAPTER 1. Exemptions §§ 25200–25209 · 9 sections
- § 25200 A broker-dealer registered under the Securities Exchange Act of 1934, who has not previously had any certificate denied or revoked under this law or any…
- § 25202 (a) An investment adviser shall not be subject to Section 25230 if (1) the investment adviser does not have a place of business in this state and (2) during…
- § 25203 A person whose only clients are insurance companies shall be exempted from the provisions of Section 25230.
- § 25204 The commissioner may by such rules as he deems necessary or appropriate in the public interest or for the protection of investors, either unconditionally or…
- § 25206 A broker licensed by the Real Estate Commissioner is exempt from the provisions of Section 25210 when engaged in transactions in any interest in any general or…
- § 25206.1 (a) For purposes of this section, a “finder” is a natural person who, for direct or indirect compensation, introduces or refers one or more accredited…
- § 25207 A financial institution that undertakes activities with respect to an investment company pursuant to the provisions of Section 1514, 6524, 14652.5, or 18022.5…
- § 25208 A person licensed as a capital access company under Division 3 (commencing with Section 28000) of Title 4 is exempt from the provisions of Section 25210 when…
- § 25209 Section 25210 shall not apply to an agent of an issuer when engaged in transactions exempted by subdivision (q) of Section 25102, provided that the agent is a…
CHAPTER 2. Licensing of Agents and Broker-Dealers §§ 25210–25221 · 15 sections
- § 25210 (a) Unless exempted under the provisions of Chapter 1 (commencing with Section 25200) of this part, no broker-dealer shall effect any transaction in, or induce…
- § 25211 (a) The application for a certificate as a broker-dealer shall be accompanied by the consent to service of process specified in Section 25240 and, unless filed…
- § 25211.5 A broker-dealer acting pursuant to a certificate which is then in effect and which is issued pursuant to Section 25211, shall be exempt from the usury…
- § 25212 The commissioner may, after appropriate notice and opportunity for hearing, by order censure, deny a certificate to, suspend for a period not exceeding 12…
- § 25212.1 The commissioner may immediately revoke by order the certificate of any broker-dealer if the broker-dealer fails to comply with any currently effective order…
- § 25213 The commissioner may, after appropriate notice and opportunity for hearing, by order censure, or suspend for a period not exceeding 12 months, or deny or bar…
- § 25213.3 The commissioner shall, after appropriate notices and opportunity for hearing, by order suspend, for a period not exceeding 12 months, or bar from any position…
- § 25214 (a) It is unlawful for any person, as to whom an order suspending or barring employment or control is in effect pursuant to Section 25213 or 25213.3, willfully…
- § 25215 No order may be entered under Section 25212, 25213, 25213.3, or 25252 except after notice to any person affected thereby (and, in the case of an agent, to his…
- § 25216 (a) No broker-dealer or agent shall effect any transaction in, or induce or attempt to induce the purchase or sale of, any security in this state by means of…
- § 25217 (a) A broker-dealer licensed under this chapter shall not effect any transaction in, or induce or attempt to induce the purchase or sale of, any security in…
- § 25218 No broker-dealer licensed under this chapter shall effect any transaction in, or induce or attempt to induce the purchase or sale of, any security in this…
- § 25219 Notwithstanding any other provision of this division, if in his or her opinion the public interest and the protection of investors so require, the commissioner…
- § 25220 At any time after the issuance of an order under Section 25219, any interested person (including, but not limited to, the issuer of the security and any…
- § 25221 (a) Notwithstanding any other provision of law, a broker-dealer, or any affiliate thereof, licensed under this chapter, or any officer or employee thereof, may…
CHAPTER 3. Licensing and Notice Filing Requirements of Investment Adviser Representatives and Investment Advisers §§ 25230–25238 · 13 sections
- § 25230 (a) It is unlawful for any investment adviser to conduct business as an investment adviser in this state unless the investment adviser has first applied for…
- § 25230.1 (a) A person that is registered under Section 203 of the Investment Advisers Act of 1940 as an investment adviser is not subject to the requirement of…
- § 25231 (a) Any investment adviser, or any person who contemplates becoming an investment adviser, may apply for a certificate to act as an investment adviser by…
- § 25232 The commissioner may, after appropriate notice and opportunity for hearing, by order censure, deny a certificate to, or suspend for a period not exceeding 12…
- § 25232.1 The commissioner may, after appropriate notice and opportunity for hearing, by order censure, or suspend for a period not exceeding 12 months, or bar from any…
- § 25232.2 (a) It is unlawful for any person, as to whom an order suspending or revoking the person’s certificate as an investment adviser is in effect pursuant to…
- § 25232.3 The commissioner may immediately revoke the certificate of any investment adviser if the investment adviser fails to comply with any currently effective order…
- § 25233 No order may be entered under Section 25232, 25232.1, or 25252 except after notice to the person affected thereby of the intention of the commissioner to enter…
- § 25234 (a) No investment adviser licensed under this chapter shall in this state enter into, extend or renew any investment advisory contract, or in any way perform…
- § 25235 It is unlawful for any investment adviser, directly or indirectly, in this state: (a) To employ any device, scheme, or artifice to defraud any client or…
- § 25236 (a) No investment adviser licensed under this chapter shall conduct any business as such investment adviser in this state unless the investment adviser and all…
- § 25237 The commissioner shall prescribe rules with respect to investment advisers licensed under this chapter who have custody of their clients’ securities or funds…
- § 25238 No investment adviser licensed under this chapter and no natural person associated with the investment adviser shall engage in investment advisory activities,…
CHAPTER 4. General Provisions §§ 25240–25256 · 18 sections
- § 25240 Every applicant for a certificate as a broker-dealer or an investment adviser (other than a California corporation), and every investment adviser subject to…
- § 25241 (a) Every broker-dealer and every investment adviser licensed under Section 25230 shall make and keep accounts, correspondence, memorandums, papers, books, and…
- § 25242 (a) Surrender of a certificate as a broker-dealer or investment adviser becomes effective 30 days after receipt of an application to surrender that certificate…
- § 25243 It is unlawful for any person holding a certificate as a broker-dealer or investment adviser under this part to represent or imply in any manner whatsoever…
- § 25243.5 (a) A broker-dealer or investment adviser, or an agent or representative thereof, shall not use a senior-specific certification, credential, or professional…
- § 25244 Any person whose certificate as a broker-dealer or investment adviser has been suspended or revoked shall immediately surrender such certificate to the…
- § 25245 It is unlawful for any person willfully to make any untrue statement of a material fact in any application, notice, or report filed with the commissioner under…
- § 25246 It is unlawful for any agent or broker-dealer to require, as a condition to the purchase or sale of securities for and in the name of a married person, that…
- § 25247 (a) Upon written or oral request, the commissioner shall make available to any person the information specified in Section 7929.005 of the Government Code and…
- § 25248 (a) If the commissioner finds, as a result of any examination or investigation or from any report made to the commissioner, that any person subject to this…
- § 25249 If, after examination or investigation, the commissioner has reasonable grounds to believe that any broker-dealer or investment adviser is violating or has…
- § 25250 If, after examination or investigation, the commissioner has reasonable grounds to believe that any broker-dealer or investment adviser, other than an…
- § 25251 (a) No order issued pursuant to Section 25249 or 25250 may become final except after notice to the affected broker-dealer or investment adviser of the…
- § 25252 The commissioner may, after appropriate notice and opportunity for hearing, by orders, levy administrative penalties as follows: (a) Any person subject to this…
- § 25253 (a) Whenever it appears to the commissioner that any of the conditions specified in subdivision (b) has occurred with respect to any broker-dealer or…
- § 25254 (a) If the commissioner determines it is in the public interest, the commissioner may include in any administrative action brought under this part a claim for…
- § 25255 The civil, criminal, and administrative remedies available to the commissioner pursuant to this division are not exclusive, and may be sought and employed in…
- § 25256 (a) For any broker-dealer or investment adviser, a disciplinary action taken by the State of California, another state, an agency of the federal government, or…