No. 36714 (5-year Review): Rule R333-7. Investment by a State-Chartered Bank in Shares of Open-End Investment Companies
DAR File No.: 36714
Filed: 09/05/2012 09:14:16 AMNOTICE 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 7-1-301(8)(b)(i) authorizes the Commissioner to establish eligible classes and types of investments for the deposits and funds for financial institutions if the restrictions or requirements are not more stringent than those applicable under federal law or regulation to federally-chartered institutions of the same class.
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 supporting or opposing written comments have been received by the agency concerning this rule.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
The rule permits a state-chartered bank to purchase for its own account shares of open-end investment companies subject to certain restrictions. The rule expands eligible classes and types of investments for state-chartered banks and gives them rights, privileges, and powers granted to national banks, and should be continued.
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:
Financial Institutions
BanksRoom 201
324 S STATE ST
SALT LAKE CITY, UT 84111-2393Direct questions regarding this rule to:
- Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at pallred@utah.gov
Authorized by:
Edward Leary, Commissioner
Effective:
09/05/2012
Document Information
- Effective Date:
- 9/5/2012
- Publication Date:
- 10/01/2012
- Filed Date:
- 09/05/2012
- Agencies:
- Financial Institutions,Banks
- Authorized By:
- Edward Leary, Commissioner
- DAR File No.:
- 36714
- Related Chapter/Rule NO.: (1)
- R333-7. Investment by a State-Chartered Bank in Shares of Open-End Investment Companies.