No. 28327: R628-16. Certification as a Dealer

DAR File No.: 28327
Filed: 11/03/2005, 11:34
Received by: NL

 

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:

Section 51-7-18 requires the Money Management Council to make rules that govern who may become a certified dealer and the procedures for maintaining and revoking that status.

 

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 written comments have been received 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:

Many treasurers in the state use certified dealers and if the requirements and procedures to be a certified dealer are removed then they would lose that ability to invest public funds. Additionally, the rule provides a criteria that broker dealers have to follow to sell securities to public treasurers, including signing a statement saying they have read the Money Management Act (Title 51, Chapter 7) and agree to abide by it. This requirement helps to protect public funds. Therefore, this rule should be continued.

 

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Money Management Council
Administration
Room E315 EAST OFFICE BLDG
STATE CAPITOL COMPLEX
PO BOX 142315
SALT LAKE CITY UT 84114-2315

 

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 [e-mail]

 

Authorized by:

Bruce B. Cohne, Chair