20 N.C. Admin. Code 3.0711

Current through Register Vol. 39, No. 11, December 2, 2024

Section 03 .0711 - DEFINITION OF TERMS

The following words and phrases used in this Section are defined as follows:

(1) "Active Participants" means Eligible Participants that are currently invested in a Fund.

(2) "Affiliate" means, with respect to a party, any person, entity, or organization that either directly or indirectly controls, is controlled by, or is under common control with such party, including any employee, officer, or director of such party.

(3) "Broker-Dealer" means either a "broker" or a "dealer" as both are defined in the Securities Exchange Act of 1934 which is incorporated by reference, including subsequent amendments and editions and is available online, at https://uscode.house.gov/browse/prelim@title15/chapter2B&edition=prelim at no cost.

(4) "Certified Money Market Mutual Fund" means a mutual fund certified pursuant to this Section which meets the definition of "Money Market Mutual Fund" in this Rule.

(5) "Certified Mutual Fund" means a mutual fund certified pursuant to this Section which does not meet the definition of "Money Market Mutual Fund" in this Rule.

(6) "Decertification Period" means the period of time beginning on the date the Commission adopts a resolution terminating the certification of a Fund and ending in 30 calendar days or on a date specified in the resolution.

(7) "Eligible Participants" means the following North Carolina entities: local governments and public authorities as defined in G.S. 159-7, school administrative units, local ABC boards, community colleges, public hospitals, and other entities authorized by North Carolina law to use forms of investment allowed by G.S. 159-30.

(8) "Fund" means a mutual fund certified pursuant to this Section.

(9) "Manager" means the investment adviser managing a Fund certified pursuant to this Section as required by Rule .0712(f) of this Section.

(10) "Money Market Mutual Fund" means a money market fund that complies with 17 C.F.R. 270.2a-7 and which maintains a stable one-dollar net asset value (NAV) per share.

(11) "Reporting Event" means any of the following which either is a public record or is required by law to be reported to the Active Participants:

(a) an administrative, civil, or criminal enforcement action taken pursuant to federal or state law against a Fund, a Manager, or an Affiliate of a Fund or Manager;

(b) a notice from the SEC that SEC staff intends to recommend an enforcement action against a Fund, or, with respect to services provided to the relevant Fund, against a Manager or an Affiliate of a Fund or Manager; or

(c) a non-routine inquiry or investigation pursuant to securities law or regulation by the SEC or other federal, state, or self-regulatory body or organization against a Fund, a Manager, or an Affiliate of a Fund or Manager.

(12) "SEC" means the U.S. Securities and Exchange Commission.

20 N.C. Admin. Code 03 .0711

Authority G.S. 159-3(f); 159-30(c)(8);
Adopted by North Carolina Register Volume 38, Issue 07, October 2, 2023 effective 10/1/2023.