H.B. 307

1

CERTIFIED INVESTMENT ADVISER
2 2007 GENERAL SESSION
3 STATE OF UTAH
4 Chief Sponsor: Julie Fisher
5 Senate Sponsor: Kevin T. Van Tassell
6
7 LONG TITLE
8 General Description:
9 This bill modifies the State Money Management Act by eliminating the option of using
10 a noncertified dealer.
11 Highlighted Provisions:
12 This bill:
13 . eliminates the option for certified investment advisers to use noncertified dealers;
14 and
15 . makes technical changes.
16 Monies Appropriated in this Bill:
17 None
18 Other Special Clauses:
19 None
20 Utah Code Sections Affected:
21 AMENDS:
22 51-7-11.5, as enacted by Chapter 248, Laws of Utah 2004
23
24 Be it enacted by the Legislature of the state of Utah:
25 Section 1. Section 51-7-11.5 is amended to read:
26 51-7-11.5. Certified investment advisers -- Scope of and limits to authority.
27 (1) [Except as provided in Subsection (2), certified] Certified investment advisers may

28 not make any investments that are inconsistent with this chapter or rules of the council.
29 (2) [(a) Except as provided in Subsection (2)(b), certified] Certified investment
30 advisers acting on behalf of a public treasurer shall conduct investment transactions only
31 through qualified depositories, certified dealers, or directly with issuers of the investment
32 securities.
33 [(b) Certified investment advisers may use a non-certified dealer, if the council has
34 qualified the non-certified dealer according to the procedures and requirements established in
35 the rules made as required in Subsection (2)(c).]
36 [(c) The council shall make rules establishing standards and procedures that certified
37 investment advisers may follow in order to qualify non-certified dealers.]




Legislative Review Note
as of 1-17-07 11:55 AM

Office of Legislative Research and General Counsel