No. 33620 (5-year Review): Rule R628-15. Certification as an Investment Adviser

DAR File No.: 33620
Filed: 05/05/2010 04:32:41 PM

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:

The definition of an investment adviser under Section 51-7-3 requires that any adviser wishing to become certified to do business with Utah public treasurers meet criteria of Council Rule. Section 51-7-11.5 requires certified investment advisers to meet requirements of Council Rule. In addition, Subsection 51-7-18(2) gives the Money Management Council the authority to make rules governing certified investment advisers and provide standings and requirements for the regulation and qualification of certified investment advisers.

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.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

This rule has been in place for five years and has provided the Council with the ability to watch over certified investment advisers to make sure that the advisers are investing public funds in accordance with the Money Management Act, Title 51, Chapter 7. The rule needs to be continued to provide requirements for certification, which include insurance coverage, minimum accounting standards, forum and methods for dispute resolution, and requiring the investment adviser to be familiar with the Act and Rules of the Council, as there are several public treasurers utilizing Certified investment advisers at this time.

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
350 N STATE ST
STE 180
SALT LAKE CITY, UT 84114

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:

William Wallace, Chair

Effective:

05/05/2010

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