30000-30006

FINANCIAL CODE
SECTION 30000-30006




30000.  This division is known and may be cited as the "Securities
Depository Law."



30001.  Unless the context otherwise requires, the definitions set
forth in this chapter govern the construction of this division.



30002.  "Commissioner" means the Commissioner of Corporations.



30003.  "Person" means, in addition to the singular, persons, group
of persons, cooperative, association, company, firm, partnership,
corporation, limited liability company, or other legal entity.



30004.  "Securities depository" means any person or group of persons
who acts as the custodian of securities in accordance with a system
for the central handling of securities whereby all securities of a
particular class or series of any issues deposited within the system
are treated as fungible and may be transferred or pledged by
bookkeeping entries effected by that person without physical delivery
of such securities.



30005.  This division does not apply to:
   (a) A securities depository which is operated by a corporation,
all of the capital stock (other than directors' qualifying shares, if
any) of which is held by or for a national securities exchange or
association registered under a statute of the United States such as
the Securities Exchange Act of 1934, or by a corporation all of the
capital stock (other than directors' qualifying shares, if any) of
which is held by or for such a wholly owned subsidiary of a
registered national securities exchange.
   (b) A securities depository which is registered with the
Securities and Exchange Commission pursuant to any provision of
federal law or which is regulated by the Comptroller of the Currency,
the Federal Reserve Board, or the Federal Deposit Insurance
Corporation pursuant to any provision of federal law, or which is
regulated by the Commissioner of Financial Institutions under
Division 1 (commencing with Section 99) of the Financial Code.



30006.  The commissioner may establish such rules and regulations as
are reasonable or necessary to carry out the purposes and provisions
of this division. The commissioner may, by rule, exempt from any or
all of the provisions of this division any securities depository
which the commissioner determines is subject to adequate regulatory
supervision by an agency, office, or commission of the federal
government or by any agency, office, or commission, other than the
commissioner, of the State of California.