Texas Attorney General Opinion: DM-184 Page: 1 of 4
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Office of the ttornep generall
State of texas
DAN MORALES December 4, 1992
ATTORNEY GENERAL
Honorable John Whitmire Opinion No. DM-184
Chairman
Intergovernmental Relations Re: Whether the provisions of House Bill
Texas State Senate 799 of the 72d Legislature apply to the
P. O. Box 12068 procurement of brokerage and investment
Austin, Texas 78711 services by state agencies (RQ-239)
Dear Senator Whitmire:
You ask whether the provisions of House Bill 799 of the 72d Regular
Legislative Session apply to the procurement of brokerage and investment services
by state agencies involved in money management. House Bill 799 amends article
601b, V.T.C.S., and relates to state contracts for the procurement of goods and
services from "disadvantaged businesses." Acts 1991, 72d Leg., ch. 677, at 2457. The
provisions of House Bill 799 became effective September 1, 1991, but shall apply
only to contracts awarded on or after September 1, 1992. Id. 7, at 2459. We
understand your question primarily relates to the activities of statewide retirement
systems, such as the Employees Retirement System (ERS) and the Teacher
Retirement System (TRS), that are authorized to invest their assets in securities
without distinction as to their source. See, e.g., Gov't Code 815301(a)
(Employees Retirement System), 825301(a) (Teacher Retirement System).
We also understand your question pertains to services of individuals who
supply investment advice to the boards of trustees of retirement systems as well as to
services of individuals who execute securities transactions at the direction of and on
behalf of the boards of trustees of the retirement systems. See, e.g., id 815.301(c)
(board of trustees of ERS may contract with private, professional investment
managers to assist board in investing assets of the system), 825301(b) (same
authority for TRS board of trustees). We will address your question accordingly.?
As this opinion shall explain, we conclude that contracts for investment counseling
1This opinion does not address the applicability of article 601b outside of the procurementcontext.
p. 965
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Texas. Attorney-General's Office. Texas Attorney General Opinion: DM-184, text, December 4, 1992; (https://texashistory.unt.edu/ark:/67531/metapth273992/m1/1/: accessed April 28, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.