FINANCIAL ADVISER OR INVESTMENT ADVISER QUALIFICATIONS AND REQUIREMENTS FOR CERTAIN AGREEMENTS AND TRANSACTIONS.
Tex. GOV'T Code § 1371.154.
in effect(a) This section applies to a financial adviser or an investment adviser who advises the issuer in connection with:
(1) an interest rate management agreement;
(2) the execution or delivery of a public security; or
(3) the investment of the public security proceeds.
(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 4004.051 , 4004.052 , or 4004.302 ;
(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.
Added by Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332 ), Sec. 7, eff. September 1, 2007.