California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 80 - Money Transmission
Article 6 - Licensees
Subarticle 4 - Eligible Securities
Section 80.5302 - Ownership-Documented Nominee
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
For purposes of Financial Code Section 2084 and this Subchapter, "documented nominee," when used with respect to a licensee, means a partnership:
(a) The articles of partnership of which authorize it to engage in no business other than the business of owning, buying, selling, or otherwise transferring of record securities which are owned beneficially by the licensee;
(b) The partners of which include no persons other than the licensee and officers and employees of the licensee;
(c) Which is controlled by the licensee;
(d) Which is beneficially owned solely and exclusively by the licensee; and
(e) Which is shown by the records of the licensee to comply with the provisions of Subdivisions (a) to (d), inclusive, of this Section.
1. Amendment of first paragraph and NOTE filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33).
Note: Authority cited: Sections 321 and 334, Financial Code. Reference: Sections 2039 and 2084, Financial Code.
