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§ 80.4113. Information Regarding Legal Proceedings.

10 CA ADC § 80.4113Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 10. Investment
Chapter 1. Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 80. Money Transmission
Article 5. Issuance of License
Subarticle 2. Application
10 CCR § 80.4113
§ 80.4113. Information Regarding Legal Proceedings.
Currentness
(a) For purposes of this Section:
(1) A proceeding involving the applicant or a subsidiary of the applicant shall not be deemed to be material:
(A) If the proceeding is ordinary routine litigation incidental to the business of the applicant or of the subsidiary; or
(B) If the proceeding involves primarily a claim for damages and if the amount of damages claimed (excluding interest and costs) against the applicant or the subsidiary does not exceed 10 percent of the current assets of the applicant and its subsidiaries on a consolidated basis. For purposes of computing the amount of damages claimed, in case a proceeding presents in large degree the same issues as other proceedings pending or known to be contemplated, the amount of damages claimed in such proceeding shall be deemed to include the amounts of damages claimed in such other proceedings.
(2) Notwithstanding the provisions of Paragraph (1) of this subdivision (a), each of the following proceedings shall be deemed to be material:
(A) Any material proceeding in which any affiliate of the applicant or any person who is, or who is an associate of, any
(i) director,
(ii) executive officer, or
(iii) five percent voting security owner of the applicant, is a party adverse to, or has a material interest adverse to, the applicant or any subsidiary of the applicant.
(B) Any bankruptcy, receivership, or similar proceeding.
(b) In case the applicant is not a reporting company, if the applicant or any subsidiary of the applicant is a party to, or any property of the applicant or of any subsidiary of the applicant is the subject of, any material proceeding pending before any court or governmental agency, describe such proceeding, including:
(1) Title of the proceeding.
(2) Name and address of the court or of the governmental agency before which the proceeding is pending.
(3) Names of the principal parties to the proceeding.
(4) Date the proceeding was commenced.
(5) Description of factual basis alleged to underlie the proceeding.
(6) Relief sought in the proceeding.
(7) Status of the proceeding.
(c) In case the applicant is not a reporting company, if any material proceeding to which the applicant or any subsidiary of the applicant would be a party or of which any property of the applicant or of any subsidiary of the applicant would be the subject, is known to the applicant to be contemplated by any governmental agency, describe such proceeding, including information comparable to the information called for in Paragraphs (1) to (7), inclusive, of subdivision (b) of this Section.

Credits

Note: Authority cited: Sections 321, 334 and 2032, Financial Code. Reference: Section 2032, Financial Code.
History
1. Amendment of Note filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 80.4113, 10 CA ADC § 80.4113
End of Document