Cal. Code Regs. tit. 10 § 260.140
The standards set forth in this Article are intended to furnish guidelines in the situations covered for the exercise of the Commissioner's discretion relating to the qualification of the offer and sale of securities, based upon the usual or typical circumstances encountered. However, it is impossible to foresee or provide for all of the variant circumstances which may exist in a particular case, and these standards are not intended to preclude the application of more liberal or more stringent standards if the circumstances justify in either an open or a limited offering qualification (unless the contrary is expressly stated in these rules). Standards relating to additional types of companies or offerings may be added to this Article or may be dealt with in interpretive opinions or releases from time to time as these are developed by experience or new problems are encountered.
A variation from the standards stated in this Article will be granted at the request of the applicant in the case of a limited offering qualification if it is possible to find that the offer and sale will not be unfair, unjust or inequitable to the initial purchasers upon the basis of all of the facts and circumstances of the case. See Section 260.141.10 of these rules.
Cal. Code Regs. Tit. 10, § 260.140