The new Corporate Securities Act, which became effective January 2, 1969, represents a sweeping change in the total fabric of administrative securities regulation. Indeed, no legislative act during the last decade has been of more importance to the lawyer representing business interests.
Also of considerable importance is the 1968 adoption of the Professional Corporation Act, which marks the entry of the corporation in California into a hitherto closed area. Since this enactment is referred to in another article in this volume, the comments here will be restricted to a discussion of the new Corporate Securities Act and of the changes it has wrought in the law of business associations. It should be noted that the statute is totally comprehensive and, with the new rules, displaces all the existing legislation over the total spectrum of securities regulation, but that this article covers only that topic of widest interest-control and regulation of securities distributions.