Broker-dealers: exemptions: finders: filings.

Under the Corporate Securities Law of 1968, the Commissioner of Business Oversight regulates the activities of a broker-dealer, which is defined as, among other things, any person engaged in the business of effecting securities transactions in California for the account of others or that person's own account. The law specifies persons or entities excluded from the definition. Among the excluded persons is a finder, as defined, which is a person that meets specified requirements including filing an initial statement of information and paying a filing fee. The law requires a finder to annually supplement the initial information in a renewal statement within 30 days of the anniversary of the first statement. This bill would change the required timing of the supplemental filing by requiring the renewal statement to be filed initially on or before December 31 following the anniversary of the filing of the initial statement and annually thereafter. The bill would also authorize the commissioner to, by rule or order, require additional information to be included in the supplemental renewal filing.