The Legal Division attorneys serve as in-house legal counsel for all DFPI programs. The Legal Division is responsible for analyzing legislation, promulgating regulations, and responding to requests for interpretive opinions from licensees and the public. The Legal Division also is responsible for regulating the offer and sale of securities and franchises in California.
California Corporations Code section 25142 allows companies interested in issuing securities in a merger or conducting an exchange of outstanding securities to seek a “fairness” hearing as part of its application for qualification of the offer and sale of securities. By this process, applicants may seek an exemption from federal registration as provided by Section 3(a)(10) of the Securities Act of 1933 through a state-law hearing on the fairness of the terms and conditions of the proposed issuance or exchange of securities.
- Tribal Consultation Policy
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- Commissioner’s Release 61-C: Requesting an Interpretive Opinion (PDF)
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