This law is officially called the 'Securities Depository Law.'

This section explains that the definitions in the chapter are used to interpret this part of the law unless the situation clearly demands a different meaning.

This law defines the term “Commissioner” as referring specifically to the Commissioner of Financial Protection and Innovation.

This law section defines the term “Person” very broadly. It includes not only individual people but also groups, companies, partnerships, corporations, cooperatives, associations, limited liability companies, and other legal entities.

This law defines a 'securities depository' as a person or group who safely keeps and manages securities. They use a central system where securities from the same class or series are interchangeable. Transfers or pledges of these securities are made through bookkeeping entries, not by physically moving them.

This section explains that certain rules in this division don’t apply to specific types of securities depositories. These exempt entities include those owned by or linked to national securities exchanges or associations that are registered under U.S. law, like the Securities Exchange Act of 1934. Additionally, depositories either registered with the Securities and Exchange Commission or regulated by federal bodies such as the Comptroller of the Currency, Federal Reserve Board, or Federal Deposit Insurance Corporation, or overseen by California's Commissioner of Financial Protection and Innovation, are not covered by this division.

This law allows the commissioner to create rules necessary for implementing the division's purposes. The commissioner can exempt certain securities depositories from state provisions if they are already regulated by a competent federal or state agency.