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TITLE 34PUBLIC FINANCE
PART 3TEACHER RETIREMENT SYSTEM OF TEXAS
CHAPTER 53CERTIFICATION BY COMPANIES OFFERING QUALIFIED INVESTMENT PRODUCTS
RULE §53.5Qualifications for Certification by Companies Offering Qualified Investment Products Other than Annuity Contracts

(a) A company, other than a platform company, that offers qualified investment products other than annuity contracts may certify to TRS if it meets the following requirements:

  (1) The company has at least five years' experience in qualified investment products and has a specialized department dedicated to service of qualified investment products.

  (2) The company is qualified to do business in the State of Texas.

  (3) The company, or an affiliate of the company related by common ownership or control, has a current issuer's authorization from the State Securities Board.

  (4) The company has not had a license or registration suspended or revoked by state or federal regulators within the five years preceding the date the certification is filed.

  (5) The company manages assets totaling at least $2 billion.

  (6) The company does not assess fees, costs, or penalties that exceed the maximum amounts established by this chapter.

  (7) The company's products comply with the registration requirements of Article 6228a-5, Texas Civil Statutes, and this chapter, as applicable.

(b) A platform company that offers qualified investment products other than annuity contracts may certify to TRS if it meets the following requirements:

  (1) The company has at least five years' experience in qualified investment products and has a specialized department dedicated to service of qualified investment products.

  (2) The company is qualified to do business in the State of Texas.

  (3) The company is registered as a securities dealer, agent, or investment advisor with the State Securities Board.

  (4) The company has not had a license or registration suspended or revoked by state or federal regulators within the five years preceding the date the certification is filed.

  (5) The company manages accounts totaling at least $1 billion.

  (6) The company does not assess fees, costs, or penalties, inclusive of the fees of the underlying investments, that exceed the maximum amounts established by this chapter.

  (7) The products offered by the company comply with the registration requirements of Article 6228a-5, Texas Civil Statutes, and this chapter, as applicable.


Source Note: The provisions of this §53.5 adopted to be effective May 5, 2002, 27 TexReg 3569; amended to be effective October 29, 2007, 32 TexReg 7694; amended to be effective October 29, 2009, 34 TexReg 7340; amended to be effective March 24, 2010, 35 TexReg 2312

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