22-11-54. Disclosure of third-party marketers; penalty.
196 words·~1 min read·
/nm/chapter-22-public-schools/article-11-educational-retirement/22-11-54·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The board shall not make any investment, other than investments in publicly traded equities or publicly traded fixed-income securities, unless the recipient of the investment discloses the identity of any third-party marketer who rendered services on behalf of the recipient in obtaining the investment and also discloses the amount of any fee, commission or retainer paid to the third-party marketer for the services rendered.
B. Information disclosed pursuant to Subsection A of this section shall be included in the quarterly performance reports of the board.
C. Any person who knowingly withholds information required by Subsection A of this section is guilty of a fourth degree felony and shall be punished by a fine of not more than twenty thousand dollars ($20,000) or by imprisonment for a definite term not to exceed eighteen months or both.
D. As used in this section, "third-party marketer" means a person who, on behalf of an investment fund manager or other person seeking an investment from the fund and under a written or implied agreement, receives a fee, commission or retainer for such services from the person seeking an investment from the fund. History: Laws 2009, ch. 152, § 3.