No. 42060 (5-year Review): Rule R333-7. Investment by a State-Chartered Bank in Shares of Open-End Investment Companies
DAR File No.: 42060
Filed: 09/05/2017 08:26:10 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. 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:
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
Effective:
09/05/2017
Authorized by:
Edward Leary, Commissioner
Document Information
- Effective Date:
- 9/5/2017
- Publication Date:
- 10/01/2017
- Type:
- Five-Year Notices of Review and Statements of Continuation
- Filed Date:
- 09/05/2017
- Agencies:
- Financial Institutions, Banks
- Authorized By:
- Edward Leary, Commissioner
- DAR File No.:
- 42060
- Summary:
No supporting or opposing written comments have been received by the agency concerning this rule.
- CodeNo:
- R333-7
- CodeName:
- {48657|R333-7|R333-7. Investment by a State-Chartered Bank in Shares of Open-End Investment Companies}
- Link Address:
- Financial InstitutionsBanksRoom 201 324 S STATE STSALT LAKE CITY, UT 84111-2393
- Link Way:
Paul Allred, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at pallred@utah.gov
- AdditionalInfo:
- 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/2017/b20171001.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 ...
- Related Chapter/Rule NO.: (1)
- R333-7. Investment by a State-Chartered Bank in Shares of Open-End Investment Companies.