California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2 - Corporate Securities
Article 8 - Licensing of Broker-Dealers and Agents
Section 260.204.2 - Exemption for Certain Investment Advisers

An exemption from the provisions of Section 25230 is hereby granted, as being necessary and appropriate in the public interest and for the protection of investors, to any person who does not hold itself out generally to the public as an investment adviser, and who advises only banks, trust companies, savings and loan associations, real estate investment trusts as defined in Sections 23000 and 23002 of the Code, or the organizations specified in Section 25203 of the Code, or any combination of the foregoing.

1. Amendment filed 9-2-77; effective thirtieth day thereafter (Register 77, No. 36). For prior history, see Register 71, No. 29.
2. Editorial correction filed 11-9-82 (Register 82, No. 46).

Note: Authority cited: Sections 25204 and 25610, Corporations Code. Reference: Section 25204, Corporations Code.