(A) The Treasurer shall maintain a list of broker/dealers approved for investment purposes, and it shall be the policy of the county to purchase securities only from those authorized firms.
(B) To be eligible, a firm must meet at least one of the following criteria:
(1) Be recognized as a primary dealer by the Federal Reserve Bank of New York or have a primary dealer within its holding company structure;
(2) Report voluntarily to the Federal Reserve Bank of New York; or
(3) Qualify under Securities and Exchange Commission (SEC) Rule 15c3-1 (Uniform Net Capital Rule).
(C) Broker/dealers shall be selected by the Treasurer on the basis of their expertise in public cash management and their ability to provide service to the county’s account. Each authorized broker/dealer shall be required to submit and annually update a Broker/Dealer Information Request Form that includes the firm’s most recent financial statements.
(D) In the event that an external investment advisor is not used in the process of recommending a particular transaction in the county’s portfolio, any authorized broker/dealer from whom a competitive bid is obtained for the transaction shall attest in writing that he or she has received a copy of this policy.
(Ord. 2019-01, passed 1-28-2019; Ord. 2020-01, passed 1-27-2020; Ord. 2021-01, passed 1-25-2021; Ord. 2022-01, passed 1-24-2022)