Money Management Council, Administration

Rule R628-16

Certification as a Dealer

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 34218
Filed: 11/03/2010 03:15:49 PM

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:

Under Section 51-7-18, it is stated that the council may make rules governing the conditions and procedures for maintaining and revoking the status of Certified Dealer.

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

No written comments have been received on this rule since the last review.

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

This rule needs to be in place to allow any public treasurer in the state that may want to purchase allowable securities to have access to Certified Dealers that have met minimum requirements to work with a public treasurer and have signed that they have read the Act and agree to abide by it. Without the rule to set up these minimum requirements, public treasurers would not be able to purchase securities. 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 apedroza@utah.gov

Authorized by:

William Wallace, Chair

Effective:

11/03/2010