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By: Parker (Senate Sponsor - Birdwell) |
H.B. No. 3132 |
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(In the Senate - Received from the House April 27, 2015; |
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May 4, 2015, read first time and referred to Committee on Business |
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and Commerce; May 15, 2015, reported favorably by the following |
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vote: Yeas 7, Nays 0; May 15, 2015, sent to printer.) |
| Click here to see the committee vote |
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COMMITTEE VOTE |
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YeaNayAbsentPNV |
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EltifeX |
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SchwertnerX |
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TaylorofGalvestonX |
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A BILL TO BE ENTITLED
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AN ACT
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relating to eligibility requirements to act as a financial adviser |
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or investment adviser in relation to certain public securities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1371.154(b), Government Code, is amended |
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to read as follows: |
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(b) To be eligible to be a financial adviser or an |
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investment adviser under this subchapter, the adviser must: |
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(1) be registered: |
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(A) as a dealer or investment adviser in |
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accordance with Section 12 or 12-1, The Securities Act (Article |
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581-12 or 581-12-1, Vernon's Texas Civil Statutes); [or] |
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(B) with the United States Securities and |
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Exchange Commission under the Investment Advisers Act of 1940 (15 |
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U.S.C. Section 80b-1 et seq.), if the adviser is providing advice on |
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the investment of bond proceeds and not on the issuance of a public |
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security or an interest rate management agreement; or |
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(C) with the United States Securities and |
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Exchange Commission as a municipal advisor under Section 15B, |
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Securities Exchange Act of 1934 (15 U.S.C. Section 78o-4); |
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(2) have relevant experience in providing advice to |
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issuers in connection with: |
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(A) the issuance of public securities; |
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(B) the valuation of interest rate management |
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agreements; or |
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(C) the investment of public security proceeds; |
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and |
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(3) acknowledge in writing to the issuer that in |
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connection with the transaction for which the adviser is providing |
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advice the adviser: |
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(A) is acting as the issuer's agent; and |
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(B) has complied with the requirements of this |
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subchapter. |
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SECTION 2. This Act takes effect September 1, 2015. |
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* * * * * |