Political Reform Act 2011 - Fair Political Practices Commission

§ 82047. 22
§ 82047.5.
reportable transaction occurred. Nothing in this
chapter shall be interpreted to exempt any person from
disclosing transactions which occurred prior to the
effective date of this title according to the laws then in
effect.
(b) “Period covered” by a campaign statement
required to be filed by this title means, unless a
different period is specified, the period beginning the
day after the closing date of the most recent campaign
statement which was required to be filed and ending
with the closing date of the statement in question. If a
person has not previously filed a campaign statement,
the period covered begins on January 1.
History: Amended by Stats. 1976, Ch. 1106; amended by
Stats. 1980, Ch. 289.
References at the time of publication (see page 3):
Regulations: 2 Cal. Code of Regs. Section 18420.5
Opinions: In re Welsh (1978) 4 FPPC Ops. 78
In re Juvinall, Stull, Meyers, Republican
Central Committee of Orange County, Tuteur
(1976) 2 FPPC Ops. 110
In re Sobieski (1976) 2 FPPC Ops. 73
In re Valdez (1976) 2 FPPC Ops. 21
§ 82047. Person.
“Person” means an individual, proprietorship,
firm, partnership, joint venture, syndicate, business
trust, company, corporation, limited liability company,
association, committee, and any other organization or
group of persons acting in concert.
History: Amended by Stats. 1994, Ch. 1010.
References at the time of publication (see page 3):
Opinions: In re Lumsdon (1976) 2 FPPC Ops. 140
In re Witt (1975) 1 FPPC Ops. 1
§ 82047.3. Placement Agent.
(a) “Placement agent” means an individual hired,
engaged, or retained by, or serving for the benefit of or
on behalf of, an external manager, or on behalf of
another placement agent, who acts or has acted for
compensation as a finder, solicitor, marketer,
consultant, broker, or other intermediary in connection
with the offer or sale of the securities, assets, or
services of an external manager to a state public
retirement system in California or an investment
vehicle, either directly or indirectly.
(b) Notwithstanding subdivision (a), an individual
who is an employee, officer, director, equityholder,
partner, member, or trustee of an external manager and
who spends one-third or more of his or her time,
during a calendar year, managing the securities or
assets owned, controlled, invested, or held by the
external manager is not a placement agent.
(c) Notwithstanding subdivision (a), an employee,
officer, or director of an external manager, or of an
affiliate of an external manager, is not a placement
agent if all of the following apply:
(1) The external manager is registered as an
investment adviser or a broker-dealer with the
Securities and Exchange Commission or, if exempt
from or not subject to registration with the Securities
and Exchange Commission, any appropriate state
securities regulator.
(2) The external manager has been selected
through a competitive bidding process subject to
subdivision (a) of Section 22364 of the Education
Code or subdivision (a) of Section 20153 of this code,
as applicable, and is providing services pursuant to a
contract executed as a result of that competitive
bidding process.
(3) The external manager has agreed to a fiduciary
standard of care, as defined by the standards of
conduct applicable to the retirement board of a public
pension or retirement system and set forth in Section
17 of Article XVI of the California Constitution, when
managing a portfolio of assets of a state public
retirement system in California.
(d) For purposes of this section, “investment
vehicle” means a corporation, partnership, limited
partnership, limited liability company, association, or
other entity, either domestic or foreign, constituting or
managed by an external manager in which a state
public retirement system in California is the majority
investor and that is organized in order to invest with,
or retain the investment management services of, other
external managers.
History: Added by Stats. 2010, Ch. 668.
§ 82047.5. Primarily Formed Committee.
“Primarily formed committee” means a committee
pursuant to subdivision (a) of Section 82013 which is
formed or exists primarily to support or oppose any of
the following:
(a) A single candidate.
(b) A single measure.
(c) A group of specific candidates being voted
upon in the same city, county, or multicounty election.
(d) Two or more measures being voted upon in
the same city, county, multicounty, or state election.
History: Added by Stats. 1985, Ch. 1456; amended by Stats.
1990, Ch. 626; amended by Stats. 1991, Ch. 191; amended by Stats.
1995, Ch. 295.
References at the time of publication (see page 3):
Regulations: 2 Cal. Code of Regs. Section 18247.5
2 Cal. Code of Regs. Section 18421.8
2 Cal. Code of Regs. Section 18521.5