Texas SB2642 amends the Government Code to redefine "qualified manager" and establish new requirements for investment pools.

Texas SB2642 amends the Government Code to redefine "qualified manager" to include investment management firms registered under the Investment Advisers Act of 1940 or with the State Securities Board, banks, and bank holding companies. The bill also mandates that investment pools must invest at least 35 percent of their funds in authorized investments and report yield to investors according to federal Securities and Exchange Commission regulations. Investment pools must furnish monthly reports and annual audited financial statements to entities investing in them.

Texas SB2642 amends the Government Code to redefine "qualified manager" and establish new requirements for investment pools.

Texas SB2642 amends the Government Code to redefine "qualified manager" to include investment management firms registered under the Investment Advisers Act of 1940 or with the State Securities Board, banks, and bank holding companies. The bill also mandates that investment pools must invest at least 35 percent of their funds in authorized investments and report yield to investors according to federal Securities and Exchange Commission regulations. Investment pools must furnish monthly reports and annual audited financial statements to entities investing in them.