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Corporate & Securities Law

: Jim Hamilton's World of Securities Regulation

By Jim Hamilton

California IOUs are Securities, Says SEC StaffInstruments issued by the state of California during its current budget crisis are securities, advised the SEC staff in an advisory statement. The state issued the instruments, commonly referred to as "IOUs," to individuals who were entitled to a tax refund or vendors who were entitled to payments. The release was staff advice, and did not involve any formal action by the Commission.The staff stated that these instruments, described as ?registered wa read more

Full post as published by Jim Hamilton's World of Securities Regulation on July 10, 2009 (boomark / email).