Every person doing business as a broker or making contracts as a broker or agent for the purchase or sale of any securities or commodities on any board of trade or exchange shall keep or cause to be kept at their office or place of business correct and permanent records or books of account showing each of such transactions as a separate item. The failure so to keep or cause to be kept such records or books of account is prima facie evidence that any such contract was bucketing or bucketshopping.

Such records or books of account shall at all times be open to inspection by the Commissioner of Financial Protection and Innovation or by any deputy, investigator, or auditor of the Department of Financial Protection and Innovation to whom the commissioner may delegate such authority in writing.

Terms Used In California Corporations Code 29200

  • Contract: A legal written agreement that becomes binding when signed.
  • department: whenever used in this code , unless the context otherwise requires, means the State Department of Education. See California Education Code 89
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Person: includes a corporation as well as a natural person. See California Corporations Code 18

(Amended by Stats. 2022, Ch. 452, Sec. 89. (SB 1498) Effective January 1, 2023.)

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