DAR File No. 43645
This notice was published in the May 1, 2019, issue (Vol. 2019, No. 9) of the Utah State Bulletin.
Money Management Council, Administration
Rule R628-19
Requirements for the Use of Investment Advisers by Public Treasurers
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 43645
Filed: 04/12/2019 02:08:39 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:
Subsection 51-7-18(2) states that the Money Management Council (Council) may make rules establishing standards and requirements for the use of certified investment advisers.
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 either supporting or opposing this rule since the last five-year 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 describes the basic requirements for public treasurers to be aware of when they consider using an investment adviser to invest public funds. This rule describes the minimum standards that the treasurer needs to assure are in place with the investment adviser, such as certification of an adviser by the Council as described in Rule R628-15, a written advisory services agreement, and the review of SEC form ADV Part II by the treasurer. The Council reviewed this rule in their February meeting and found it current, and noted that this rule needs to be in place as use of advisory services by public treasurers continues to grow. Therefore, this rule should be continued.
The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:
Money Management CouncilAdministration
Room 180 UTAH STATE CAPITOL COMPLEX
350 N STATE ST
SALT LAKE CITY, UT 84114
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]
Effective:
04/12/2019
Authorized by:
Douglas DeFries, Chair
Additional Information
More information about a Five-Year Notice of Review and Statement of Continuation is available online.
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull_pdf/2019/b20190501.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact 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]. For questions about the rulemaking process, please contact the Office of Administrative Rules.