A financial adviser or investment adviser covered by this section must meet registration, experience, and written acknowledgement requirements when advising an issuer on certain securities-related transactions.
Sec. 1371.154. FINANCIAL ADVISER OR INVESTMENT ADVISER QUALIFICATIONS AND REQUIREMENTS FOR CERTAIN AGREEMENTS AND TRANSACTIONS. (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. Amended by: Acts 2015, 84th Leg., R.S., Ch. 575 (H.B. 3132), Sec. 1, eff. September 1, 2015. Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.25, eff. January 1, 2022.