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Can you summarize Fin Code CACL Division 1.2 Chapter 5?
MONEY TRANSMISSION ACT [2000. - 2176.] > Eligible Securities [2081. - 2089.]
Short Summary
The provided legal document content pertains to the ownership and maintenance of eligible securities by licensees under the Money Transmission Act in California. The documents govern the criteria and requirements for licensees to own eligible securities, including the ownership criteria, exceptions to ownership requirements, and the determination of ownership based on factors such as assets, liabilities, and compliance history. The documents also outline the calculation of the aggregate value of eligible securities owned by licensees, specifying exclusions and exemptions for certain types of eligible securities. Additionally, the documents define the concept of ‘Eligible Securities’ and provide criteria for determining eligible securities for licensees, including United States currency eligible securities and foreign currency eligible securities. The documents also require licensees to maintain eligible securities that are adequately diversified, of a duration commensurate with their outstanding money transmission obligations, and of sufficient liquidity and quality to promptly pay their outstanding obligations. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Licensees under the Money Transmission Act
What does it govern?
Ownership and maintenance of eligible securities by licensees under the Money Transmission Act
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No penalties are specified for non-compliance or violation of the provisions.
Jurisdiction
California