Policy Alert - California Law Requires Registration for Placement Agents

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2010-11-30 22:48:28

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Biden, Hunter <hbiden@senecaga.com>

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November 30, 2010

California Law Requires Registration for Placement Agents

Beginning January 1, 2011, California law will require placement agents to register as lobbyists before they engage in activities with state and local pension funds. In addition to the state law, placement agents working with local pension funds must also comply with local lobbying laws. This alert focuses on the impact of the new state law on placement agents working with state pension funds.

Revised Definitions

The new law amends the definitions of “placement agent” and “external manager” in the Public Pension and Retirement Plans chapter of the California Code and adds those definitions to the Political Reform Act of 1974. If an individual meets the definition of a placement agent and cannot avail himself of the exceptions, then he will be required to register and report as a lobbyist under the Political Reform Act.

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Contact Information

If you have any questions concerning this alert, please contact—

Melissa L. Laurenza
http://info.akingump.com/rs/ct.aspx?ct=24F76C1FD7E60AEDC1D180ADDA2E941DDDBE448CEEB832E42

mlaurenza@akingump.com
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202.887.4251
Washington, D.C.

Carrie Hoback Hill
choback@akingump.com
mailto:choback@akingump.com?subject=Alert%20Query

202.416.5153
Washington, D.C.

Julie B. Hodgson
jhodgson@akingump.com
mailto:jhodgson@akingump.com?subject=Alert%20Query

202.416.5152
Washington, D.C.

http://info.akingump.com/rs/ct.aspx?ct=24F76C1FD7E60AEDC1D180ADDA2E941DDDBE5D97E5A529FD69CE5

© 2010 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. IRS Circular 230 Notice Requirement: This communication is not given in the form of a covered opinion, within the meaning of Circular 230 issued by the United States Secretary of the Treasury. Thus, we are required to inform you that you cannot rely upon any tax advice contained in this communication for the purpose of avoiding United States federal tax penalties. In addition, any tax advice contained in this communication may not be used to promote, market or recommend a transaction to another party.

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