Registered investment advisers.

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Official Summary Text

Summary for LSO115
Bill No.:
HB0019
Effective

Date:
7/1/2015

LSO No.:
15LSO-0158

Enrolled Act No.:
HEA 6

Chapter No.:
11

Prime Sponsor:
Select Committee on Capital Financing & Investments

Catch Title:
Registered investment advisers.

Subject:
Investment of State Funds

Summary/Major Elements:

Previously
,
Wyoming s
tate la
w r
equired
:

A
state fund investment manager to be a registered investment advis
o
r under the federal Investment Advisor’s Act of 1940, whether
or not
the investment manager was required
by federal law to be a registered investment advisor;

I
nvestment managers retained for management of traditional assets
to
be
registered investment advisor
s under the Investment Advisor’
s Act of 1940. Investment managers retained for management of alternative investments were not required to be a registered investment advis
or under the Investment Advisor’
s Act of 1940.

This Act:

R
equires a state fund investment manager to be a registered investment advisor under the federal Investment Advisor’s Act of 1940
only if required by federal law;

Removes the requirement to be a registered investment advisor based solely on the types of funds or investments under management.
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

ORIGINAL
House
Bill No
.
HB0019

ENROLLED ACT NO.
6
,

HOUSE OF REPRESENTATIVES

SIXTY-THIRD LEGISLATURE OF THE STATE OF WYOMING
2015 General Session

AN ACT relating to public funds; providing that a state fund investment manager shall be a registered investment adviser under federal law if the investment manager is required to be registered by federal law; repealing conflicting requirements; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section
1
.

W.S. 9
‑
4
‑
715(
b) is amended to read:

9
‑
4
‑
715
.

Permissible investments
.

(b)

The state treasurer, or
his designee, which shall be registered under the Investment Advisor's Act of 1940
,

or any bank as defined in
as amended
if required to be registered by the terms of
that act

as amended
,
upon written authority, may invest monies of the permanent funds
,
in securities but not more than fifty
‑
five percent (55%) shall be invested in common stocks.

Section 2
.

W.S. 9
‑
4
‑
718(
b) is repealed.

Section 3
.

This act is effective July 1, 2015
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the
House
.

Chief Clerk

1