“California Department of Business Oversight” or “DBO” serves as California’s primary regulator of financial services, products, and professionals.

From a corporate standpoint, the California Department of Business Oversight oversees financial transactions, including those involving the sale and issuance of Securities. For example, when a company issues Securities in a Financing, it may have to file a 25102(f) Securities Notice with the California Department of Business Oversight within 15 business days after such issuance.

See also Securities and Blue Sky Laws.