Utah Code 51-7-11.5. Certified investment advisers — Scope of and limits to authority
Current as of: 2024 | Check for updates
|
Other versions
(1) A certified investment adviser may not make any investments that are inconsistent with this chapter or rules of the council.
Terms Used In Utah Code 51-7-11.5
- Certified investment adviser: means a federal covered adviser, as defined in Section
61-1-13 , or an investment adviser, as defined in Section61-1-13 , who is certified by the director as having met the applicable criteria of council rule. See Utah Code 51-7-3 - Council: means the State Money Management Council created by Section
51-7-16 . See Utah Code 51-7-3 - Public treasurer: includes the state treasurer and the official of any state board, commission, institution, department, division, agency, or other similar instrumentality, or of any county, city, school district, charter school, political subdivision, or other public body who has the responsibility for the safekeeping and investment of any public funds. See Utah Code 51-7-3
(2) Except as provided in Subsection (3), a certified investment adviser acting on behalf of a public treasurer shall conduct investment transactions only through qualified depositories, certified dealers, or directly with issuers of the investment securities.
(3) Subject to rules of the council, a certified investment adviser may use the adviser’s own approved list of brokers and dealers.