March 11, 2013 •
Primary to be held May 21, 2013
Governor Jerry Brown has called a special election for Senate District 16 to fill a vacancy following the resignation of Senator Michael Rubio.
The primary will be held May 21, 2013.
If no candidate receives a majority of the votes, a special general election will be held on July 23, 2013.
January 8, 2013 •
September 10, 2012 •
Election called following resignation of Senator Doug LaMalfa
Governor Brown has ordered a special election resulting from the resignation of Senator Doug LaMalfa.
The special election for the 4th Senate District will be held on January 8, 2013. The special election’s primary will be held on November 6, 2012.
Photo of the California State Capitol by Henri Sivonen on Wikipedia.
August 20, 2012 •
President’s healthcare to be the issue
Governor Jerry Brown has told legislative leaders he intends to call a special session to deal with issues related to the federal healthcare law signed by President Obama in 2010.
The special session, planned for December, will give the governor and lawmakers an opportunity to keep working on healthcare proposals that have failed in the current session, which ends August 31, 2012.
Bills passed in a special session can take effect within 90 days of passage rather than at the beginning of the following calendar year.
Photo of the California State Capitol by Henri Sivonen in Wikipedia.
October 10, 2011 •
Changes registration and reporting requirements for placement agents
California Governor Jerry Brown has signed senate bill 398 into law. The bill alters definitions and reporting requirements for those who do business with the board of a public pension or retirement system to manage securities or other assets and went into effect upon signature.
Specifically, the new law modifies the definition of external managers to mean a person who is seeking to be, or is, retained by a board or an investment vehicle to manage a portfolio of securities or other assets for compensation, or a person who manages an investment fund, and who offers or sells, or has offered or sold an ownership interest in the investment fund to a board or investment vehicle. The law also alters the definition of a placement agent to a person directly or indirectly hired, engaged, or retained by, or serving for the benefit of or on behalf of, an external manger and who acts or has acted for compensation as a finder, solicitor, marketer, consultant, broker, or other intermediary in connection with the offer or sale to a board or investment vehicle either the investment management services of the external manager or an ownership interest in an investment fund managed by the external manager.
Additional changes made as the result of the new law include the exemption of placement agents from any requirements imposed by a local government agency, including lobbyist registration and reporting, if the placement agent is an employee, officer, or director of an external manager, or of an affiliate of an external manager, and the external manager is registered as an investment adviser or a broker-dealer with the Securities and Exchange Commission or any state securities regulator. Further, placement agents are exempt from local requirements if the external manager is participating in a competitive bidding process, such as a request for proposal, or has been selected through a competitive bidding process and is providing services pursuant to a contract executed as a result of that bidding process, or when the external manager, if selected through competitive bidding, has agreed to a fiduciary standard of care for the contract.