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Readoption of California Emergency Regulation — Private Adviser Exemption

The California Commissioner of Corporations (Commissioner) has released a notice regarding readoption of the emergency regulation on private adviser exemption.

On January 5, 2012, the Commissioner will file with the Office of Administrative Law (OAL) the readoption of emergency regulations to extend the effectiveness of Rule 260.204.9 (10 C.C.R. §260.204.9) for a period of no longer than 90 days.    The changes to the rule will extend the current exemption from registration for investment advisers who are deemed private advisers for an additional 90 days.  The anticipated operative date of the emergency regulation is January 18, 2012. 

Information regarding the readoption of the  emergency proposal is posted on  the “What’s New” section of the Department of Corporations’ home page  (available at

Pillsbury will continue to monitor this development and post additional information as soon as it becomes available.