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California › Securities › Department of Financial Protection and Innovation (DFPI)

Allen Matkins

Selling Unqualified Securities?  There's Are/Were Apps For That

Allen Matkins on

If someone told my younger self that someday people would take photographs with their phones, I would have wondered where you would insert the film.*  Today, the question would be "What is film?"  When I headed the Department...more

Allen Matkins

Department Of Financial Protection & Innovation Warns Investors About Nonexistent Class Action Settlement

Allen Matkins on

Yesterday, the California Department of Financial Protection & Innovation warned investors that an "entity calling itself “Hartman Cain & Associates,” which represents itself as a law firm based in California, and operates...more

Allen Matkins

DFPI Goes Multimedia In Recent Crypto Enforcement Actions

Allen Matkins on

Early this week, the California Department of Financial Protection and Innovation issued desist and refrain orders alleging violations by the following individual and entities...more

Allen Matkins

SEC Files Desist & Refrain Order Against Coinbase Alleging Failure To Qualify Staking Rewards Program

Allen Matkins on

Yesterday, the California Department of Financial Protection & Innovation announced that it had issued a desist and refrain order against Coinbase, Inc. The order alleges that Coinbase's staking rewards program involved the...more

Allen Matkins

DFPI Says No MTA License Required To Issue Tokenized U.S. Dollars

Allen Matkins on

Earlier this month, the California Department of Financial Protection & Innovation issued a quasi interpretive opinion regarding whether the unnamed requestor must be licensed under California's Money Transmission Act to...more

Allen Matkins

Judge Rules CFL Applies To Cryptocurrency Lending

Allen Matkins on

The California Financing Law prohibits any person from engaging in the business of a "finance lender" without a license from the Department of Financial Protection & Innovation.  Cal. Fin. Code § 22100(a).  The CFL provides...more

Allen Matkins

California Bill Would Regulate Digital Financial Assets, But Leaves Status Under Securities Laws Unanswered

Allen Matkins on

In June, I reported that Assemblymember Grayson had gutted and amended AB 2269 to establish a "Digital Financial Assets Law" to be administered by the Department of Financial Protection & Innovation.   The bill was amended...more

Allen Matkins

If You Filed This Notice Of Exemption With The DFPI, You Have Filed It In The Wrong Place

Allen Matkins on

Section 25102.5 of the California Corporations Code exempts from the issuer qualification requirement of the Corporate Securities Law of 1968 a "transaction" that is the sale of: (i)  a series of notes secured directly by an...more

Allen Matkins

"All Purchasers" Does Not Always Mean All Purchasers

Allen Matkins on

I started practicing law in the same year that California enacted a limited offering exemption for the offer and sale of securities in issuer transactions, Cal. Corp. Code § 25102(f).  Before then, issuers had to rely on...more

Allen Matkins

A Truly Piscatory Exemption

Allen Matkins on

California's blue sky law, the Corporate Securities Law of 1968, generally requires that offers and sales of securities be qualified unless the security or transaction is exempt or not subject to qualification.  Most...more

Allen Matkins

Are Applications Submitted To The DFPI Subject To Inspection Under The California Public Records Act?

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California's Public Records Act, Cal. Gov't Code § 6250 et seq., provides for public access to California state and local government records.  The PRA defines "public records" broadly to include "any writing containing...more

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