California 2015-2016 Regular Session Status: Passed Senate 1 D cosponsors

SB 726 — Corporate securities: unlawful conduct: regulations.

Last action — August 11 hearing. Held in committee and under submission.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2015-2016 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The Corporate Securities Law of 1968 generally regulates the offer and sale of corporate securities within the state, and specifically makes specified conduct with regard to the offer and sale of corporate securities unlawful. That law requires the Commissioner of Business Oversight to perform specific oversight duties regarding the offer and sale of securities and provides that any willful violation of that law is a crime. Existing law prohibits any person from selling a security in this state by means of a communication that includes an untrue statement of material fact or that omits a material fact necessary in order to make the statements made, in light of the circumstances under which the statements are made, not misleading. This bill would require the commissioner to adopt regulations to prohibit fraudulent and manipulative practices by persons undertaking short sales in the securities market. By expanding the scope of a crime, this bill would impose a state-mandated local program. (2) The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.

Bill Text

Action History

  1. August 11 hearing. Held in committee and under submission.

  2. August 3 set for first hearing. Placed on APPR. suspense file.

  3. Read second time and amended. Re-referred to Com. on APPR.

  4. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 1.) (June 27).

  5. From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.

  6. From committee: Be re-referred to Com. on B. & F. (Ayes 10. Noes 0.) (May 12). Re-referred to Com. on B. & F.

  7. From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

  8. Re-referred to Com. on RLS. pursuant to Assembly Rule 96.

  9. From committee with author's amendments. Read second time and amended. Re-referred to Com. on U. & C.

  10. Referred to Coms. on U. & C. and NAT. RES.

  11. In Assembly. Read first time. Held at Desk.

  12. Read third time. Passed. (Ayes 35. Noes 0. Page 774.) Ordered to the Assembly.

  13. Read second time. Ordered to third reading.

  14. From committee: Be ordered to second reading pursuant to Senate Rule 28.8.

  15. Set for hearing April 20.

  16. From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0. Page 509.) (April 7). Re-referred to Com. on APPR.

  17. Set for hearing April 7.

  18. Referred to Com. on E., U., & C.

  19. Read first time.

  20. From printer. May be acted upon on or after April 1.

  21. Introduced. To Com. on RLS. for assignment. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 119 not signed on

Sponsors (1)

  • Hueso

Co-sponsors (2)

Not signed on (119)

119 members have not signed on to this bill.

Show all 119 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

3rd Reading

Passed 35 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 32004
Democratic 3000
Total 35004
% of votes cast 90%0%0%10%
How each member voted (39)
Member Party Vote
Block — Yea
Hill — Yea
Hueso — Yea
Lara — Yea
Leyva — Yea
Morrell — Yea
Nielsen — Yea
Wieckowski — Yea
Galgiani — Yea
Fuller — Yea
Hall — Yea
Cannella — Yea
Hancock — Yea
Hernandez — Yea
Allen — Yea
Mitchell — Yea
De León — Yea
Runner — Yea
Anderson — Yea
Bates — Yea
Leno — Yea
Liu — Yea
Mendoza — Yea
Monning — Yea
Pan — Yea
Roth — Yea
Wolk — Yea
Hertzberg — Not Voting
Huff — Yea
Beall — Yea
Moorlach — Not Voting
Pavley — Not Voting
Vidak — Not Voting
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 726 do?
The Corporate Securities Law of 1968 generally regulates the offer and sale of corporate securities within the state, and specifically makes specified conduct with regard to the offer and sale of corporate securities unlawful. That law requires the Commissioner of Business Oversight to perform specific oversight duties regarding the offer and sale of securities and provides that any willful violation of that law is a crime. Existing law prohibits any person from selling a security in this state by means of a communication that includes an untrue statement of material fact or that omits a material fact necessary in order to make the statements made, in light of the circumstances under which the statements are made, not misleading. This bill would require the commissioner to adopt regulations to prohibit fraudulent and manipulative practices by persons undertaking short sales in the securities market. By expanding the scope of a crime, this bill would impose a state-mandated local program. (2) The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Who sponsors SB 726?
SB 726 is sponsored by Gipson, Mike A. (Democratic), Hall, and Hueso.
What is the current status of SB 726?
This bill died with 2015-2016 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 726?
Track SB 726 free on One Click Politics — get push/email alerts when it moves.

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