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§ 50.3120. Information Regarding Legal Proceedings.

10 CA ADC § 50.3120Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 10. Investment
Chapter 1. Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 50. Business and Industrial Development Corporations
Article 4. Issuance of License
Subarticle 2. Application
10 CCR § 50.3120
§ 50.3120. Information Regarding Legal Proceedings.
Currentness
(a) In this section, “subject person,” when used with respect to the applicant, means:
(1) Any individual who controls, or is proposed to control, the applicant;
(2) Any person (other than an individual) which controls or proposes to control the applicant or which otherwise is, or is proposed to be, an affiliate of the applicant (including, in case such person is a group of persons acting in concert, each person who is a member of such group).
(b) For purposes of this section:
(1) A proceeding involving the applicant or a subject person of the applicant shall not be deemed to be material if it is an ordinary routine proceeding incidental to the business of the applicant or of such subject person and if the amount of any damages (including interest and costs) claimed against the applicant or the subject person does not exceed 10 percent of the shareholders' equity of the applicant or of the subject person, as the case may be.
(2) Notwithstanding the provisions of Paragraph (1) of this Subdivision (b), each of the following proceedings shall be deemed to be material:
(A) Any proceeding in which any person who is, or is an associate of, any (1) director, (2) officer, or (3) ten percent (including associates) equity security owner of the applicant or a subject person of the applicant, is a party adverse to the applicant or to any subject person of the applicant.
(B) Any proceeding in which the applicant, any subject person of the applicant, or any of the persons referred to in Subparagraph (A) of this Paragraph (2) is a party adverse to any governmental agency which regulates financial institutions, any governmental agency which regulates the offering or selling of securities, or any governmental agency which provides financing assistance or management assistance to business firms.
(C) Any proceeding brought by a shareholder of the applicant or of any subject person of the applicant which names the applicant or such subject person as a plaintiff or defendant.
(D) Any proceeding involving civil rights laws.
(E) Any proceeding involving environmental laws.
(F) Any bankruptcy, receivership, or similar proceeding.
(c) State whether or not the applicant or any subject person of the applicant is a party to, or any property of the applicant or of any subject person of the applicant is the subject of, any material proceeding pending or threatened by or before any court or governmental agency, and, if so, describe such proceeding, including:
(1) In case the proceeding is pending:
(A) Title of the proceeding.
(B) Name and address of the court or of the governmental agency before which the proceeding is pending.
(C) Names of the parties to the proceeding.
(D) Date the proceeding was commenced.
(E) Allegations and responses made in the proceeding.
(F) Relief sought in the proceeding.
(G) Status of the proceeding.
(2) In case the proceeding is threatened:
(A) Name of the person threatening to commence the proceeding.
(B) Allegations made by such person.
(C) Name and address of the court or of the governmental agency before which the proceeding is threatened to be commenced.
(D) Relief threatened to be sought in the proceeding.
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 50.3120, 10 CA ADC § 50.3120
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