No provision of this law imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, permit, order, or written interpretive opinion of the commissioner, or any written interpretive opinion of the Attorney General, notwithstanding that the rule, form, permit, order, or written interpretive opinion may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
CommoditiesMiscellaneous Provisions
Section § 29560
This law states that if you follow any rule, form, permit, or official opinion from the commissioner or the Attorney General in good faith, you won't be held liable, even if those guidelines change or are later found to be invalid.
good faith actions conformity with rules official opinions
Section § 29561
This section allows the commissioner to create, change, or remove rules and forms to effectively enforce the law. They can also define certain terms if those definitions don't conflict with the law. The commissioner can classify different commodities and people under their authority and set unique rules for each group. Additionally, they have the power to waive any rule or form if they believe it doesn't serve the public interest.
The commissioner may from time to time make, amend, and rescind the rules, forms, and orders that are necessary to carry out this law, and define any terms, whether or not used in this law, insofar as the definitions are not inconsistent with this law. For the purpose of rules, the commissioner may classify commodities, commodity contracts, commodity options, and persons within the commissioner’s jurisdiction and may prescribe different requirements for different classes. The commissioner may, in the commissioner’s discretion, waive any requirement of any rule or form in situations where in his or her opinion the requirement is not necessary in the public interest.
commissioner authority rule amendment commodity classification
Section § 29562
If you're trying to claim that you're exempt from or that there's an exception to a rule or definition in a legal case, it's up to you to prove it.
In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
burden of proof claiming exemption exception from definition
Section § 29563
If the commissioner makes a final decision or takes an official action, like issuing a certificate or registration, you can have a court review and potentially change it.
Every final order, decision, certificate, registration, or other official act of the commissioner is subject to judicial review in accordance with law.
judicial review final order commissioner decision
Section § 29564
This section ensures that nothing in the current law weakens or changes the powers of the commissioner that are already established under the Corporate Securities Law of 1968. It means the commissioner's authority remains intact and unaffected for any person or transaction under that law.
Nothing in this law, shall impair, derogate, or otherwise affect the authority or powers of the commissioner under the Corporate Securities Law of 1968 (Part 3 (commencing with Section 25000)) or the application of any provision thereof to any person or transaction subject thereto.
commissioner authority Corporate Securities Law 1968 powers of commissioner
Section § 29565
This law states that if any part of it is found to be invalid or doesn't apply to a person or situation, the rest of the law still applies. The law is designed so that any part can be removed without affecting the rest.
If any provision of this law or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this law which can be given effect without the invalid provision or application, and to this end this law is declared to be severable.
severability invalid provision application to person
Section § 29566
This law states that neither the commissioner nor their employees are allowed to use private information received through their work for personal gain. Additionally, they cannot trade securities or commodities based on that information, even if it is public, unless enough time has passed for the market to fully absorb it.
Neither the commissioner nor any employee of the commissioner shall use any information which is filed with or obtained by the commissioner which is not public information for personal gain or benefit, nor shall the commissioner nor any employee of the commissioner engage in any securities or commodity transaction based on that information, even though public, if there has not been a sufficient period of time for the securities or commodity markets to assimilate that information.
personal gain commissioner employee conduct
Section § 29567
This law states that a specific program will be funded using money allocated by the state government from the State Corporations Fund. The money for this program comes from fees collected when people apply for securities, as detailed in certain parts of another section of the Corporations Code.
(a)CA Corporations Code § 29567(a) The program established by this division shall be supported from funds appropriated by the Legislature from the State Corporations Fund.
(b)CA Corporations Code § 29567(b) The funds appropriated from the State Corporations Fund and made available for expenditure under subdivision (a) of this section shall come from securities application filing fees collected under subdivisions (e), (f), (h), and (i) of Section 25608 of the Corporations Code.
State Corporations Fund securities application fees program funding
