Regular rulemaking procedures would place the agency in violation of federal or state law.

Justification: The attorney general representative for the council has noted that "not having the rule in place, may create violations of the Money Management Act, Section 51-7-1 et seq." In Section 51-7-11, public entities are allowed to use certified investment advisers to transact investments for them. Currently, there are six firms that are certified and forty two agents on the list. Not having this rule in place with affect a substantial amount of public funds being invested by these firms.