3 AAC 08.025 - Bonding requirements for certain state investment advisers
(a) A state
investment adviser registered or required to be registered under AS 45.55 that
has custody of client funds or securities shall be bonded in the amount of
$35,000.
(b) A state investment
adviser registered or required to be registered under AS 45.55 that has
discretionary authority over, but does not have custody of, client funds or
securities shall be bonded in the amount of $10,000.
(c) A state investment adviser that has its
principal place of business in a state other than this state is exempt from the
requirements of this section, if the state investment adviser is registered as
an investment adviser in the state where it has its principal place of business
and is in compliance with that state's bonding requirements.
(d) The administrator will only accept a bond
as meeting the requirements of this section if the bond is
(1) issued by a company qualified to do
business in this state;
(2) issued
on State of Alaska Form 08-100, or other form acceptable to the administrator;
and
(3) subject to the claims of
all clients of the state investment adviser regardless of the client's state of
residence.
(e) The
administrator will, in the administrator's discretion, waive all or part of the
requirements of this section if
(1) the state
investment advisor submits a written application showing good cause for the
waiver; and
(2) the administrator
determines that the waiver is consistent with AS 45.55 and its purposes and is
in the public interest.
(f) Repealed 4/19/2000.
Notes
Authority:AS 45.55.040
AS 45.55.050
AS 45.55.060
AS 45.55.950
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