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25LSO-0327
2025
STATE OF WYOMING
25LSO-0327
Numbered
2.0
HOUSE BILL NO. HB0295
Invest in Wyoming act.
Sponsored by: Representative(s) Bear, Allemand and Neiman and Senator(s) Laursen, D
A BILL
for
AN ACT relating to public funds; providing legislative findings; requiring the investment of state funds by investment managers located in Wyoming as specified; providing conditions and exemptions for the investment of funds by investment managers in Wyoming; specifying duties of the state treasurer; providing definitions; making conforming amendments; specifying applicability; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
(a)
The legislature finds that:
(i)
The legislature has a duty to promote the diversification of the economy of the state of Wyoming;
(ii)
There is a need to foster the development of domestic and intrastate enterprises that support economic diversification;
(iii)
Economic diversification is directly correlated to the sovereignty of the state of Wyoming;
(iv)
Fiscal stability is a paramount and critical aspect of that sovereignty;
(v)
Wyoming funds are presently and primarily managed by interstate investment managers;
(vi)
The legislature desires to see Wyoming funds be managed by Wyoming investment managers in order to diversify and grow the Wyoming economy.
Section 2.
W.S. 9
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722 is created to read:
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722.
Intrastate investment manager program.
(a)
The invest in Wyoming program is hereby created. This section may be cited as the Wyoming intrastate investment manager program.
(b)
Not later than August 1 of each year, the state treasurer shall prepare a current list of all intrastate investment managers. The list shall also include whether each listed intrastate investment manager complies with the conditions specified W.S. 9
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718 and the specific conditions listed in W.S. 9
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718 that each listed intrastate investment manager fails to meet, if applicable. The state treasurer shall publish this list on the public website of the state treasurer.
(c)
The state treasurer shall contract with intrastate investment managers in accordance with this section. Intrastate investment managers shall be selected based upon a qualification process and with consideration given to the historical performance of the intrastate investment managers. No intrastate investment manager shall be selected unless approved by a majority vote of the board and in consultation with the investment funds committee. Any contract with an intrastate investment manager may be terminated by a majority vote of the board. Before selection under this section, each intrastate investment manager shall provide sufficient evidence as required by the board to satisfactorily demonstrate that the intrastate investment manager is not an office, extension or alter ego for an interstate investment manager or company. No intrastate investment manager shall be selected under this section unless:
(i)
The intrastate investment manager first submits audited financial statements, in accordance with rules promulgated by the state treasurer, and a certified record of past investment performance prepared by an independent entity;
(ii)
The intrastate investment manager is or has at least one (1) employee who is, prior to the execution of a contract, certified or licensed by the financial industry regulatory authority;
(iii)
The intrastate investment manager has, prior to the execution of a contract, at least one (1) of the following:
(A)
A verifiable chartered financial analyst institute compliant track record of not less than two (2) years with respect to the type of investments for which the intrastate investment manager will provide services;
(B)
Been employed by an organized and chartered trust company with trust assets in excess of one million dollars ($1,000,000.00).
(d)
Investment managers selected under this section shall be responsible for the investment of not less than three percent (3%) and not more than five percent (5%) of permanent funds authorized for investment under W.S. 9
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715(n).
(e)
The amount of state funds under contract with any one (1) intrastate investment manager shall not exceed ten percent (10%) of the total assets managed by that intrastate investment manager before entering into a contract for the investment of state funds.
(f)
Intrastate investment managers shall be paid on a negotiated flat fee or performance basis based upon net assets invested.
(g)
Contracts with intrastate investment managers under this section shall be subject to cancellation upon receipt of notice of not less than thirty (30) days from either party.
(h)
Each intrastate investment manager investing state funds and selected under this section shall, at least one (1) time every calendar quarter, provide a report to the state treasurer and the board describing the intrastate investment manager's performance relative to mutually agreed
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upon industry benchmark indices and that reflects all brokerage fees, other fees and expenses paid by or fees earned by the intrastate investment manager that are paid by the state.
(j)
The provisions of W.S. 9
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718 that conflict with this section shall not apply to the selection of intrastate investment managers under this section.
(k)
Intrastate investment managers selected to invest funds under this section shall comply with the applicable investment policy statements adopted under W.S. 9
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716.
Section 3.
W.S. 9
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714(a) by creating new paragraphs (viii) and (ix) and by amending and renumbering (viii) as (x) and 9
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718(a)(intro) and by creating a new subsection (d) are amended to read:
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714.
Definitions.
(a)
As used in this act:
(viii)
"Interstate investment manager" means any other person or entity that is legally permitted to act as an investment manager but is not an intrastate investment manager;
(ix)
"Intrastate investment manager" means an investment adviser registered under the federal Investment Advisor's Act of 1940, as amended that:
(A)
Is a firm residing in the state of Wyoming or a legal entity of the state of Wyoming under majority control of at least one (1) individual person in Wyoming who is certified or licensed by the financial industry regulatory authority;
(B)
Maintains a principal place of business within the state of Wyoming; and
(C)
Employs at least two (2) professionals at a physical place of business in Wyoming.
(viii)
(x)
"This act" means W.S. 9
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714 through
9
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721
9
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722
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9
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718.
Investment managers.
(a)
Subject to subsection (e) of this section and W.S. 9
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722, t
he state treasurer may contract with investment managers and pay for investment services and investment advice subject to the following conditions:
(d)
The state treasurer may contract with interstate investment managers and intrastate investment managers in accordance with this section. Intrastate investment managers meeting the requirements of W.S. 9
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722 and subject to the investment requirements of W.S. 9
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722 shall not be subject to this section to the extent that this section conflicts with W.S. 9
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722.
Section 4
.
Nothing in this act shall be construed to alter or impair any contract or agreement entered into before July 1, 2025.
Section 5
.
This act is effective July 1, 2025
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(END)
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HB0295