Policy Alert - Guidance Issued on California Placement Agent Rules

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2010-12-20 22:33:53

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December 20, 2010

GUIDANCE ISSUED ON CALIFORNIA PLACEMENT AGENT RULES

The California Fair Political Practices Commission (FPPC) recently issued guidance on the placement agent lobbyist registration rules that become effective January 1, 2011. The FPPC’s guidance focuses on compliance with lobbying state-level pension funds. The limited guidance also specifies that the FPPC is considering regulations to clarify the new law’s application.

The guidance clarifies that registration is required before acting as a placement agent. For those potential registrants who anticipate acting in the early days of January, the FPPC has stated that it will accept registrations for 2011-2012 in December and that the effective date must show January 1, 2011. Please remember not to act as a placement agent with state-level pension funds before a registration is submitted.

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Melissa L. Laurenza
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Carrie Hoback Hill
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202.416.5153
Washington, D.C.

Julie B. Hodgson
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202.416.5152
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© 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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