| 1 | | - | By: Parker (Senate Sponsor - Birdwell) H.B. No. 3132 |
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| 2 | | - | (In the Senate - Received from the House April 27, 2015; |
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| 3 | | - | May 4, 2015, read first time and referred to Committee on Business |
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| 4 | | - | and Commerce; May 15, 2015, reported favorably by the following |
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| 5 | | - | vote: Yeas 7, Nays 0; May 15, 2015, sent to printer.) |
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| 6 | | - | Click here to see the committee vote |
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| 1 | + | H.B. No. 3132 |
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| 21 | 4 | | AN ACT |
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| 22 | 5 | | relating to eligibility requirements to act as a financial adviser |
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| 23 | 6 | | or investment adviser in relation to certain public securities. |
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| 24 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 25 | 8 | | SECTION 1. Section 1371.154(b), Government Code, is amended |
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| 26 | 9 | | to read as follows: |
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| 27 | 10 | | (b) To be eligible to be a financial adviser or an |
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| 28 | 11 | | investment adviser under this subchapter, the adviser must: |
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| 29 | 12 | | (1) be registered: |
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| 30 | 13 | | (A) as a dealer or investment adviser in |
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| 31 | 14 | | accordance with Section 12 or 12-1, The Securities Act (Article |
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| 32 | 15 | | 581-12 or 581-12-1, Vernon's Texas Civil Statutes); [or] |
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| 33 | 16 | | (B) with the United States Securities and |
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| 34 | 17 | | Exchange Commission under the Investment Advisers Act of 1940 (15 |
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| 35 | 18 | | U.S.C. Section 80b-1 et seq.), if the adviser is providing advice on |
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| 36 | 19 | | the investment of bond proceeds and not on the issuance of a public |
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| 37 | 20 | | security or an interest rate management agreement; or |
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| 38 | 21 | | (C) with the United States Securities and |
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| 39 | 22 | | Exchange Commission as a municipal advisor under Section 15B, |
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| 40 | 23 | | Securities Exchange Act of 1934 (15 U.S.C. Section 78o-4); |
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| 41 | 24 | | (2) have relevant experience in providing advice to |
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| 42 | 25 | | issuers in connection with: |
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| 43 | 26 | | (A) the issuance of public securities; |
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| 44 | 27 | | (B) the valuation of interest rate management |
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| 45 | 28 | | agreements; or |
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| 46 | 29 | | (C) the investment of public security proceeds; |
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| 47 | 30 | | and |
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| 48 | 31 | | (3) acknowledge in writing to the issuer that in |
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| 49 | 32 | | connection with the transaction for which the adviser is providing |
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| 50 | 33 | | advice the adviser: |
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| 51 | 34 | | (A) is acting as the issuer's agent; and |
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| 52 | 35 | | (B) has complied with the requirements of this |
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| 53 | 36 | | subchapter. |
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| 54 | 37 | | SECTION 2. This Act takes effect September 1, 2015. |
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| 55 | | - | * * * * * |
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| 38 | + | ______________________________ ______________________________ |
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| 39 | + | President of the Senate Speaker of the House |
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| 40 | + | I certify that H.B. No. 3132 was passed by the House on April |
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| 41 | + | 23, 2015, by the following vote: Yeas 137, Nays 2, 2 present, not |
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| 42 | + | voting. |
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| 43 | + | ______________________________ |
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| 44 | + | Chief Clerk of the House |
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| 45 | + | I certify that H.B. No. 3132 was passed by the Senate on May |
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| 46 | + | 22, 2015, by the following vote: Yeas 31, Nays 0. |
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| 47 | + | ______________________________ |
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| 48 | + | Secretary of the Senate |
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| 49 | + | APPROVED: _____________________ |
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| 50 | + | Date |
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| 51 | + | _____________________ |
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| 52 | + | Governor |
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