| (1) |
A certified investment adviser may not make any investments that are inconsistent with this chapter or rules of the council. |
Terms Used In Utah Code 51-7-11.5
- Certified investment adviser: means a federal covered adviser, as defined in Section 61-1-13, or an investment adviser, as defined in Section 61-1-13, who is certified by the director as having met the applicable criteria of council rule. See Utah Code 51-7-3
- Council: means the State Money Management Council created by Section 51-7-16. See Utah Code 51-7-3
- Public treasurer: includes the state treasurer and the official of any state board, commission, institution, department, division, agency, or other similar instrumentality, or of any county, city, school district, charter school, political subdivision, or other public body who has the responsibility for the safekeeping and investment of any public funds. See Utah Code 51-7-3
| (2) |
Except as provided in Subsection (3), a certified investment adviser acting on behalf of a public treasurer shall conduct investment transactions only through qualified depositories, certified dealers, or directly with issuers of the investment securities. |
| (3) |
Subject to rules of the council, a certified investment adviser may use the adviser’s own approved list of brokers and dealers. |
Amended by Chapter 338, 2017 General Session
