California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2 - Corporate Securities
Article 4 - Standards for the Exercise of the Commissioner's Authority
Subarticle 10 - Real Estate Programs
Suitability of the Participant
Section 260.140.112.4 - Maintenance of Records
The sponsor shall maintain for at least 4 years a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer and sale of program interests and a representation of the investor that the investor is investing for the investor's own account or, in lieu of such representation, information indicating that the investor for whose account the investment was made met the suitability standards. Where the offering is underwritten or sold by a broker-dealer, the sponsor shall obtain a commitment from the broker-dealer to maintain the same record of information required of the sponsor.
1.
Repealer filed 1-27-84; effective thirtieth day thereafter (Register 84, No.
4).
2. Renumbering of section
260.140.112.3 to section
260.140.112.4 filed 5-18-92;
operative 6-17-92 (Register 92, No. 22).
Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.
