Texas HB5270 amends investment pool regulations to define "qualified manager" and establish requirements for investment pools.

Texas HB5270 amends the Government Code to redefine "qualified manager" as an investment management firm registered under the Investment Advisers Act of 1940 or with the State Securities Board, or a bank. It mandates that public funds investment pools must mark their portfolios to market daily, maintain a $1.00 net asset value, and invest at least 35% in authorized investments. Investment pools must furnish offering circulars with specific information, including types of investments, maximum maturities, objectives, and advisory board details.

Texas HB5270 amends investment pool regulations to define "qualified manager" and establish requirements for investment pools.

Texas HB5270 amends the Government Code to redefine "qualified manager" as an investment management firm registered under the Investment Advisers Act of 1940 or with the State Securities Board, or a bank. It mandates that public funds investment pools must mark their portfolios to market daily, maintain a $1.00 net asset value, and invest at least 35% in authorized investments. Investment pools must furnish offering circulars with specific information, including types of investments, maximum maturities, objectives, and advisory board details.