Compliance


2017 UACC ADV Part 2 (03-23-2017)

Strict Compliance is an Important Factor in our Management Process

The investment professionals of UACC have many years of experience managing public funds and designing investment policies.  In Ohio, UACC participated in the drafting of Senate Bill 81, which became the vehicle that substantially changed 135.35 and 135.14 of the Ohio Revised Code, the sections of law that govern the investments of counties and other public entities such as school districts, municipalities, libraries, and townships.  UACC also testified before various committees prior to the passage of the Bill.

In recent years, the law as it pertains to County Treasurers was modified to include other investment alternatives, such as corporate obligations and US Treasury Strips.  Companion Bills, House Bill 607 and Senate Bill 289, were the vehicles that expanded eligible investments, effective in June of 2004.

In California, UACC has many years of experience managing portfolios subject to the California Government Code 53601.  Over the years, the firm was retained to restructure portfolios and implement investment programs for public entities that were in non-compliance with state law.

UACC has additionally been a member of the California Municipal Treasurers Association (CMTA) for many years and has participated in past initiatives to change the California Government Code as it pertains to eligible investments.  Since the early nineties, UACC has authored and taught various courses on behalf of the CMTA.

From a practical point of view, our knowledge of state statutes provides the public entity with added protection to remain in legal and policy compliance.  For example, certain securities or investment transactions may seem appropriate, but their structure and characteristics may, in fact, create a high degree of risk.  Additionally, other types of investments may fit the definition as eligible investments under state law, but further analysis may disqualify such investments as unsuitable or in conflict with the client’s approved investment policy.  UACC has the experience and credentials to differentiate and interpret the eligibility of investment alternatives.