To embed, copy and paste the code into your website or blog: California's female and underrepresented communities quota requirements apply to "publicly-held corporations". California's Corporate Disclosure Statement requirement applies to "publicly-traded corporations". California's Secretary of State's website describes publicly held corporations as a "subset of publicly traded corporations". This is not strictly accurate. Moreover, not ever foreign corporation meeting the definition of a "publicly held corporation" is required to file a Corporate Disclosure Statement pursuant to California Corporations Code Section 2117.1. Why? A foreign publicly held corporation is required to file a Corporate Disclosure Statement only if it has registered to transact intrastate business pursuant to Section 2117. Some publicly-held corporations do not transact intrastate business in California. They may, for example, simply be holding companies. Under Section 191(b) a foreign corporation is not be considered to be transacting intrastate business merely because its subsidiary transacts intrastate business or merely because of its status as, among other things, a shareholder of a domestic corporation or a foreign corporation transacting intrastate business.