As used in this part 7, unless the context otherwise requires:
"Administrator" means the administrator of a local government investment pool trustfund created pursuant to section 24-75-703.
"Board" or "board of trustees" means the board of trustees composed of membersthat are selected from among the treasurers or other local officials empowered to invest the funds of local governments pursuant to section 24-75-703 (2), and any other independent and unaffiliated trustees named by such members.
"Custodian" means a designee located in the state of Colorado, with authority, including control, over public funds of a local government investment pool trust fund. For purposes of this subsection (3), "control" includes possession of public funds of a local government investment pool trust fund, as well as the authority to establish accounts for such public funds in banks and to make deposits, withdrawals, or disbursements of such public funds.
If the exercise of authority over such public funds requires action by or the consent of two or more putative custodians, then such custodians shall be treated as one custodian with respect to such public funds.
"Financial institution" means an institution, with its primary place of business in thisstate and authorized by its charter to exercise fiduciary powers, that is a state bank, savings and loan association, or trust company chartered by this state, a national bank organized or chartered under chapter 2 of title 12 of the United States Code, or a federal savings and loan association organized or chartered under chapter 12 of title 12 of the United States Code.
(a) "Investment adviser" means, except as provided in paragraph (b) of this subsection (5), any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities. "Investment adviser" also includes financial planners and other persons who, as an integral component of other financially related services, provide such investment advisory services to a local government investment pool trust fund for compensation or who hold themselves out as providing investment advisory services to a local government investment pool trust fund for compensation.
(b) "Investment adviser" does not include:
A publisher of any bona fide newspaper, magazine, or business or financial publication with a regular and paid circulation; a publisher of any securities advisory newsletter with a regular and paid circulation which does not provide advice to subscribers on their specific investment situations; or any author of material included in any such newspaper, magazine, publication, or newsletter who does not otherwise come within the definition of an "investment adviser" or "investment adviser representative";
An investment adviser representative;
A broker-dealer or sales representative for a broker-dealer licensed by the securitiescommissioner whose performance of investment advisory services is solely incidental to the conduct of its business as a broker-dealer and who receives no special compensation for such services;
A financial institution or any person employed by or directly associated with a financial institution;
A lawyer, certified public accountant, professional engineer, professional geologist,or teacher, if such person:
Does not take possession of the funds or securities of a local government investmentpool trust fund in connection with providing investment advisory services; and
Does not receive commissions or other compensation, directly or indirectly, from thesale of any security to any local government investment pool trust fund to whom such person provides advice about the value or advisability of investing in such security; and
Does not engage in the business of advising a local government investment pooltrust fund as to the value of securities or as to the advisability of investing in, purchasing, or selling securities and provides such advice, if at all, in a manner solely incidental to the practice of the person's profession;
Any official, employee, or representative of the United States, any state, any political subdivision of a state, or any agency or body corporate or other instrumentality thereof, acting in such person's official capacity on behalf of such entity;
Any other person or class of persons the securities commissioner designates byrule or order.
(6) "Investment adviser representative" means any individual who is a partner, officer, or director of an investment adviser, who occupies a similar status with or performs similar functions for an investment adviser, or who is employed or otherwise associated with an investment adviser, except clerical or ministerial personnel, and who:
Makes any recommendations or otherwise renders advice regarding securities;
Manages accounts or portfolios of clients of the investment adviser;
Determines which recommendation or advice regarding securities should be given;
Solicits, offers, negotiates for the sale of, or sells, investment advisory services; or(e) Supervises employees who perform any of the duties specified in this subsection (6).
"Investment advisory services" means those activities performed by a person in connection with such person's engaging in any of the activities described in paragraph (a) of subsection (5) of this section.
"Local government" means any county, city and county, town, school district, specialdistrict, or other political subdivision of the state, or any department, agency, or instrumentality thereof, or any political or public corporation of the state.
"Local government investment pool trust fund" means the trust fund created pursuantto section 24-75-703, that is comprised of moneys deposited by participating local governments in such trust fund and held by a custodian.
"Participating local government" means a local government that participates in alocal government investment pool trust fund.
"Securities commissioner" means the commissioner of securities created by section11-51-701, C.R.S.
"Trust fund" means a local government investment pool trust fund.
Source: L. 93: Entire part R&RE, p. 317, § 1, effective July 1. L. 2005: (4) amended, p. 771, § 47, effective June 1. L. 2013: (4) amended, (SB 13-154), ch. 282, p. 1488, § 69, effective July 1.