Today's Law As Amended


PDF |Add To My Favorites |Track Bill | print page

AB-2150 Corporate securities: limited exemption: study.(2019-2020)



As Amends the Law Today


SECTION 1.
 (a) Pursuant to the requirements of this section, the Department of Business Oversight shall conduct a study to determine the feasibility of enacting in California a measure equivalent to the Proposed Securities Act Rule 195–Time-Limited Exemption for Tokens, as proposed by Commissioner Pierce of the United States Securities and Exchange Commission, and report its findings to the Legislature.
(b) The study required by subdivision (a) shall provide for the participation of stakeholders from regulatory agencies, private industry, consumer protections groups, and blockchain advocacy groups. The study shall evaluate all of the following:
(1) The exemption’s potential benefits and costs to the state.
(2) The exemption’s potential impact on consumer protections.
(3) The appropriate minimum standards for businesses in order to qualify for the exemption.
(c) The report required by subdivision (a) shall be presented to the Legislature on or before January 1, 2022, and shall include, at a minimum, the following:
(1) Recommendations to the Legislature for enacting the exemption in California.
(2) Definitions of key terms necessary for the successful enactment of the exemption in California.
(3) Identification of concerns with the proposed exemption.
(4) Suggestions for regulatory frameworks that allow innovation and growth in blockchain and crypto currency technology while preserving consumer protections.
(d) (1) The report to be provided pursuant to this section shall be submitted in compliance with Section 9795 of the Government Code.
(2) This section shall remain in effect only until January 1, 2025, and as of that date is repealed, unless a later enacted statute that is enacted before January 1, 2025, deletes or extends that date.