Corporate securities: limited exemption: study.

Existing law, the Corporate Securities Law of 1968, provides for the regulation of the issuance of corporate securities, requires the qualification of an offer or sale of securities, and provides for exemptions from qualification with the Commissioner of Business Oversight. Existing law defines a "security" to mean a note, stock, and, among other things, an investment contract. For the purposes of authorizing specified items that may be included in articles of incorporation, with regard to the keeping of certain records by a corporation that does not have outstanding securities listed on specified stock exchanges, existing law defines "blockchain technology" to mean a mathematically secured, chronological, and decentralized consensus ledger or database. This bill would require the Department of Business Oversight to 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 specified, and to report its findings to the Legislature. The bill would require the study to evaluate certain subjects, including the potential benefits and costs of the exemption to the state. The bill would require the department to present the report to the Legislature on or before January 1, 2022, would prescribe certain subjects that report is to include, and would specify the method of its delivery.