No. 38281 (5-year Review): Rule R628-19. Requirements for the Use of Investment Advisers by Public Treasurers

DAR File No.: 38281
Filed: 02/10/2014 03:24:00 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:

Subsection 51-7-18(2) states that the Money Management Council may make rules establishing standards and requirements for the use 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:

There have been no written comments either supporting or opposing this rule.

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

Rule R628-19 provides basic requirements for the use of an investment adviser by public treasurers when investing public money. These requirements need to be in place for the public treasurer to have a beginning place to evaluate an investment adviser that will handle public funds and to know what requirements of the Money Management Act need to be followed with regards to investment advisers. The Council reviewed this rule in the last monthly meeting and found it current and that it needed to be in place as the use of investment advisers has grown in recent years. 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 180 UTAH STATE CAPITOL COMPLEX
350 N STATE ST
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]

Effective:

02/10/2014

Authorized by:

Mark Watkins, Chair, Money Management Council

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