N.J. Admin. Code § 13:69A-5.6B - Institutional Investor Certification

(a) Pursuant to N.J.S.A. 5:12-27.1, an institutional investor is:

1. Any retirement fund administered by a public agency for exclusive benefit of Federal, state, or local public employees;

2. Any investment company registered under the Investment Company Act of 1940 (15 U.S.C. §§ 80a-1 et seq.);

3. Any collective investment trust organized by banks under Part Nine of the Rules of the Comptroller of the Currency;

4. Any closed end investment trust;

5. Any chartered or licensed life insurance company or property and casualty insurance company;

6. Any banking or other chartered or licensed lending institution;

7. Any investment advisor registered under The Investment Advisors Act of 1940 (15 U.S.C. §§ 80b-1 et seq.); and

8. Any such other persons as the Division may determine for reasons consistent with the policies of the Act.

(b) An institutional investor shall file a signed and dated certification that includes the following:

1. The name of the person completing the form;

2. The name of the investment company and position the person in (b)1 above holds with that investment company;

3. The principal place of business of the investment company;

4. The number of shares of voting stock held by an investment company of either:

i. The applicant for a casino service industry enterprise license or its holding or intermediary company; or

ii. The applicant for a casino license or its holding or intermediary company;

5. The percentage of the issued and outstanding common or preferred voting stock that the number of shares held by the investment company constitutes;

6. A statement as to the specific subsection of (a) above within which the investment company falls; and

7. If the shares are held in subsidiary funds, confirmation that:

i. The institutional investor is the 100 percent beneficial owner of any and all subsidiary funds holding shares, or has complete managerial authority over any assets held by that subsidiary fund; and

ii. No individual subsidiary fund holds more than five percent of the issued and outstanding common or preferred voting stock.

(c) The investment company shall certify the following:

1. The purchase of the stock was for investment purposes only;

2. It has no involvement in the business activities of the issuer of the stock;

3. It has no intention of influencing or affecting the affairs of the issuer, casino licensee or its holding or intermediary companies;

4. If it determines subsequently to influence or affect the affairs of the issuer, it shall in not less than 30 days before taking any such actions:

i. Provide the Division notice of such intent; and

ii. File with the Division an application for qualification;

5. It will submit to the jurisdiction of the State of New Jersey the Division, the Commission, the Act and the rules promulgated thereunder; and

6. It will comply with any and all requests for information from the Division.

(d) Notwithstanding (c)4 above, an investment company may vote on matters put to the vote of the outstanding security holders.

Notes

N.J. Admin. Code § 13:69A-5.6B

Amended by 49 N.J.R. 3779(b), effective 12/4/2017