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Title 3 . Commerce, Community, and Economic Development
Chapter 8 . Land Sales
Section 25. Bonding requirements for certain state investment advisers

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(f) Repealed 4/19/2000.

History: Eff. 3/24/76, Register 57; am 10/1/99, Register 151; am 4/19/2000, Register 154

Authority: AS 45.55.040

AS 45.55.050

AS 45.55.060

AS 45.55.950


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Last modified 7/05/2006