Utah Administrative Code Topic - Money Management Council
Here’s an enhanced overview of the Utah Administrative Code Topic: Money Management Council (Title R628 – Administration):
1. Establishment & Authority
Created under Title 51, Chapter 7 of the Utah Code (State Money Management Act). § 16 establishes the Money Management Council with five members — including state or local treasurers and experienced banking/investment professionals — appointed by the governor after consultation with the state treasurer (treasurer.utah.gov).
The state treasurer acts as Executive Secretary and provides staff support (treasurer.utah.gov).
2. Key Rules & Responsibilities
Implemented via Title R628, covering:
• Deposits & Investments
R628-4: Public treasurers must secure fidelity bonds or crime insurance based on revenue thresholds (treasurer.utah.gov).
R628-10: Standards for “permitted depository” eligibility — e.g., federally insured, minimum assets, short-term/investment grade ratings (treasurer.utah.gov).
R628-11: Caps on uninsured public funds at qualified depository institutions, with collateral requirements and periodic adjustments (treasurer.utah.gov).
• Qualified Certifications
R628-12: Requirements for institutions to become “qualified depositories” (e.g., quarterly reporting, annual fees) .
R628-15: Certification standards for investment advisers serving public treasurers (audits, net worth, insurance) (treasurer.utah.gov).
R628-16: Certification criteria for broker-dealers ("certified dealers") working with public treasurers (treasurer.utah.gov).
3. Specialized Rules
R628-17–R628-19: Limits on investment concentrations (e.g., single issuer, commercial paper), and procedural requirements for hiring and oversight of investment advisers (treasurer.utah.gov).
R628-18: Governs use of interest rate swaps and derivative contracts by public entities (treasurer.utah.gov).
R628-21: Conditions for reciprocal deposits through registry services, including insurance and reporting rules (law.cornell.edu).
R628-22: Requirements for investing in negotiable brokered CDs (e.g., federal insurance coverage, purchase limits) (treasurer.utah.gov).
R628-23: Specifics on using and reporting investment advisers, including authority, scope, purpose, definitions, and reporting duties (law.cornell.edu).
4. Reporting, Oversight & Enforcement
The Council maintains lists of qualified depositories, certified dealers, and investment advisers, requiring ongoing reports from each (treasurer.utah.gov).
It also holds authority to issue emergency orders, enforce compliance (including misdemeanors for false reporting), and petition for changes in depository status or collateral .
📝 Summary
The administrative rules under Title R628 empower the Money Management Council to safeguard public funds through robust standards on:
Insurance & bonds for treasurers
Certification of depositories, dealers, and advisers
Risk and concentration limits on investments
Rigorous reporting mechanisms
Enforcement tools, including emergency orders and fines
For further details, you can review the official PDF of the Rules of the Money Management Council on the Utah State Treasurer’s website, which provides full citations and structured organization of each rule section (treasurer.utah.gov, adminrules.utah.gov).
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