Money Management Council, Administration

Rule R628-17

Limitations on Commercial Paper and Corporate Notes

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 35640
Filed: 01/09/2012 10:30:09 AM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Section 51-7-18 of the Money Management Act allows the Council to set up quality criteria for public treasurers when they invest in corporate obligations. This section also allows the Council to make rules regarding the conditions and procedures by which public treasurers may invest public funds.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

There have been no written comments received in the last five years regarding this rule.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

This rule provides limits on exposure to any one issuer of corporate obligations that are reasonable by basing the limit on the size of the portfolio of the public treasurer. It allows for the investment in corporate obligations by public treasurers while maintaining safety when a public treasurer invests in corporate obligations. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Direct questions regarding this rule to:

• Ann Pedroza at the above address, by phone at 801-538-1883, by FAX at 801-538-1465, or by Internet E-mail at [email protected]

Authorized by:

William Wallace, Chair

Effective:

01/09/2012