California Code of Regulations
Title 2 - Administration
Division 6 - Fair Political Practices Commission
Chapter 2 - Definitions
Section 18237 - Definition of "Investment."
Current through Register 2024 Notice Reg. No. 12, March 22, 2024
(a) For purposes of Section 82034, the term "investment" does not include a fund, including an exchange traded fund (ETF), closed-end fund or fund held in a plan qualified under Sections 401(k), 403(b), 457 or similar provision of the Internal Revenue Code (qualified plan), that is substantially similar to a "diversified mutual fund registered with the Securities and Exchange Commission under the Investment Company Act of 1940" if all the following are met:
(b) For purposes of subdivisions (a)(1) and (a)(2), an ETF, closed-end fund or qualified plan is presumed to have more than 100 investors and hold securities of more than 15 issuers.
1. New section
filed 10-26-2011; operative 11-25-2011. Submitted to OAL for filing pursuant to
Fair Political Practices Commission v. Office of Administrative Law, 3 Civil
C010924, California Court of Appeal, Third Appellate District, nonpublished
decision, April 27, 1992 (FPPC regulations only subject to 1974 Administrative
Procedure Act rulemaking requirements) (Register 2011, No. 43).
2.
Amendment of subsection (a)(3) filed 5-12-2021; operative 6-11-2021 pursuant to
Cal. Code Regs., tit. 2, section
18312(e).
Submitted to OAL for filing pursuant to Fair Political Practices Commission v.
Office of Administrative Law, 3 Civil C010924, California Court of Appeal,
Third Appellate District, nonpublished decision, April 27, 1992 (FPPC
regulations only subject to 1974 Administrative Procedure Act rulemaking
requirements and not subject to procedural or substantive review by OAL)
(Register 2021, No. 20).
Note: Authority cited: Section 83112, Government Code. Reference: Section 82034, Government Code.