Current through Register Vol. 40, No. 6, March 31, 2022
ADO shall conduct an annual review of each CAPCO to:
(a) Ensure that the CAPCO and each of its
investment pools continue to satisfy the requirements of the Act and these
regulations, and that the CAPCO has not made any investment in violation of the
Act or these regulations.
Determine the eligibility status of its qualified investments.
(2) The cost of the annual review
shall be paid by each CAPCO according to a reasonable fee schedule adopted by the
A material violation of
is grounds for
decertification of the noncomplying investment pool, as applicable, in accordance
with Section 11 of the Act and Regulation
. A willful or
fraudulent violation of the Act or these regulations shall be grounds for the
decertification of the CAPCO and each of its investment pools. If the ADO
determines that a CAPCO is not in compliance with the above referenced sections
or has committed a willful or fraudulent violation of the Act or these
regulations, the Director shall notify the officers of the CAPCO in writing that
the CAPCO or one or more of its investment pools, as applicable, may be subject
to decertification after the one hundred twentieth (120th) day after the date of
mailing of the notice, unless the deficiencies are corrected and the CAPCO
returns to compliance with those sections.
The Director of the ADO may decertify a
CAPCO or one or more of its investment pools, as applicable, after opportunity
for hearing, if the director finds that the CAPCO or its investment pools, as
applicable, are not in compliance with Regulations
, or have committed a
willful or fraudulent violation of the Act or these regulations at the end of the
period established by subsection (3) of above. Decertification under this
subsection is effective on receipt of notice of decertification by the CAPCO. The
ADO shall notify any appropriate state agency of the decertification.
If a CAPCO reasonably believes that it has
complied with some or all of the milestone and other requirements set forth in
the CAPCO may request an audit pursuant to Regulation 281-2-1-.11(1) which shall
be conducted by ADO within 90 days of such request. The ADO shall issue a report
to the CAPCO indicating whether the CAPCO has complied with the requirements of
specifying in detail its compliance deficiencies, if any. In lieu of an audit
pursuant to this section, the ADO may issue agreed upon procedures to be
performed and reported by an independent party. Any audit requested by a CAPCO
and performed by the ADO or an independent party shall be at the CAPCO's expense
F. Neal Wade
Ala. Admin. Code r.
New Rule: Filed July 25,
2003; effective August 29, 2003. Amended: Filed February 6, 2008; effective March
Code of Ala.
1975, as amended; Act 2002-429.