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California Governor vetoes further legislative efforts to restrict healthcare investments and management relationships
Lexology October 3, 2024
On September 28, 2024, California Governor Gavin Newsom vetoed AB 3129, which would have required qualifying private equity groups, hedge funds, and any associated portfolio companies to notify and obtain written consent from the California Attorney General (the AG) at least 90 days before closing healthcare transactions with certain healthcare facilities or providers.
AB 3129 details
AB 3129 proposed explicit measures to bar qualifying private equity groups and hedge funds from exerting control or otherwise interfering with the professional judgment of certain licensed healthcare professionals, potentially going beyond and threatening common professional entity/management structures currently used in the state, and nationwide, to comply with corporate practice of medicine (CPOM) restrictions.
Specifically, AB 3129 proposed two separate review processes by the...
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