General Assembly Raised Bill No. 355
February Session, 2012 LCO No. 1912
*01912_______FIN*
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
(FIN)
General Assembly
Raised Bill No. 355
February Session, 2012
LCO No. 1912
*01912_______FIN*
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
(FIN)
AN ACT CONCERNING A TECHNICAL CHANGE TO UPDATE A REFERENCE.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subdivision (3) of subsection (b) of section 3-13l of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(3) "Investment professional" means an individual or firm whose primary business is bringing together institutional funds and investment opportunities and who (A) is a broker-dealer or investment adviser agent licensed or registered (i) under the Connecticut Uniform Securities Act; (ii) in the case of an investment adviser agent, with the Securities and Exchange Commission, in accordance with the Investment Advisors' Act of 1940; or (iii) in the case of a broker-dealer, with the [National Association of Securities Dealers in accordance with the Securities Exchange Act of 1934] Financial Industry Regulatory Authority or its successor organization, or (B) is licensed under section 20-312, or under a comparable statute of the jurisdiction in which the subject property is located, or (C) (i) furnishes an investment manager with marketing services including, but not limited to, developing an overall marketing strategy focusing on more than one institutional fund, designing or publishing marketing brochures or other presentation material such as logos and brands for investment products, responding to requests for proposals, completing due diligence questionnaires, identifying a range of potential investors, or such other services as may be identified in regulations adopted under clause (ii) of this subparagraph; and (ii) meets criteria prescribed (I) by the Treasurer until regulations are adopted under this subparagraph, or (II) by the Citizen's Ethics Advisory Board, in consultation with the Treasurer, in regulations adopted in accordance with the provisions of chapter 54. Prior to adopting such regulations, the Citizen's Ethics Advisory Board shall transmit the proposed regulations to the Treasurer not later than one hundred twenty days before any period for public comment on such regulations commences and shall consider any comments or recommendations the Treasurer may have regarding such regulations. In developing such regulations, the Citizen's Ethics Advisory Board shall ensure that the state will not be competitively disadvantaged by such regulations relative to any legitimate financial market.
This act shall take effect as follows and shall amend the following sections:
Section 1 July 1, 2012 3-13l(b)(3)
This act shall take effect as follows and shall amend the following sections:
Section 1
July 1, 2012
3-13l(b)(3)
Statement of Purpose:
To update the statute to refer to the Financial Industry Regulatory Authority (FINRA), which is the successor organization to the National Association of Securities Dealers (NASD).
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]