October 18, 1991
TO: INVESTMENT ADVISER MEMBERS NO. 48-91
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 49-91
RE: TEXAS EXPANDS INSTITUTIONAL EXEMPTION FOR ADVISERS
__________________________________________________________
Attached is a copy of revised section 109.3 of the rules of
the Texas State Securities Board, which expands the institutional
exemption to investment adviser registration. The proposal
exempts advice to three categories of clients. The first
category includes, in response to Institute recommendations,
welfare benefit plans, governmental plans and church plans as
well as pension benefit plans, but excludes plans for the benefit
of single individuals, such as IRAs and Keogh plans. The
remaining categories are (1) accredited investors (as defined in
Rule 501(a), Regulation D under the Securities Act of 1933) and
(2) qualified institutional buyers (as defined in Rule 144A).
We will keep you informed of developments.
Kathy D. Ireland
Associate Counsel
Attachment