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