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 12 - Nonissuer Qualifications
Section 260.140.136 - Application of Standards for Issuer Transactions
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
Ordinarily, applications to qualify securities for nonissuer transactions are subject to the standards for review of applications for the qualification of issuer transactions only in the following instances:
(a) An application is filed in connection with a proposed offering of the securities pursuant to a registration under the Securities Act of 1933 (15 USC 77a et seq.) or pursuant to an exemption under Regulation A under that Act. (17 CFR 230.251 et seq.).
(b) The issuer within 24 months immediately preceding the date of filing the application had a public offering which was not qualified in this state or which was qualified in this state as a limited offering.
(c) A significant market for the securities proposed to be qualified does not presently exist in California. A significant market in the securities will be deemed to exist if the securities are held by not less than 100 persons in California and are subject to regular quotations of prices by at least one market maker.
1.
Editorial correction adding NOTE filed 3-9-83 (Register 83, No.
11).
2. Amendment filed 8-7-85; effective thirtieth day thereafter
(Register 85, No. 32).
Note: Authority cited: Section 25610, Corporations Code. Reference: Sections 25131 and 25140, Corporations Code.
