California Government Code

§ 6932

GOV § 6932Div. 7 · Title 1 · Ch. 11.5

Statute text

Any written contract entered into between a governmental investor and an investment manager on or after January 1, 1991, for the management of assets of a public fund or a public pension or retirement fund, which includes a soft dollar and directed brokerage arrangement, shall contain the following requirements:

(a)The investment manager shall maintain complete and detailed records of all billed services provided pursuant to soft dollar and directed brokerage arrangements.

(b)The services which may be provided by a broker-dealer pursuant to soft dollar and directed brokerage arrangements shall be clearly defined.

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Legislative history

Added by Stats. 1990, Ch. 709, Sec. 1.