84R19062 DDT-F
 
  By: Parker H.B. No. 3132
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to eligibility requirements to act as a financial adviser
  or investment adviser in relation to certain public securities.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 1371.154(b), Government Code, is amended
  to read as follows:
         (b)  To be eligible to be a financial adviser or an
  investment adviser under this subchapter, the adviser must:
               (1)  be registered:
                     (A)  as a dealer or investment adviser in
  accordance with Section 12 or 12-1, The Securities Act (Article
  581-12 or 581-12-1, Vernon's Texas Civil Statutes); [or]
                     (B)  with the United States Securities and
  Exchange Commission under the Investment Advisers Act of 1940 (15
  U.S.C. Section 80b-1 et seq.), if the adviser is providing advice on
  the investment of bond proceeds and not on the issuance of a public
  security or an interest rate management agreement; or
                     (C)  with the United States Securities and
  Exchange Commission as a municipal advisor under Section 15B,
  Securities Exchange Act of 1934 (15 U.S.C. Section 78o-4);
               (2)  have relevant experience in providing advice to
  issuers in connection with:
                     (A)  the issuance of public securities;
                     (B)  the valuation of interest rate management
  agreements; or
                     (C)  the investment of public security proceeds;
  and
               (3)  acknowledge in writing to the issuer that in
  connection with the transaction for which the adviser is providing
  advice the adviser:
                     (A)  is acting as the issuer's agent; and
                     (B)  has complied with the requirements of this
  subchapter.
         SECTION 2.  This Act takes effect September 1, 2015.