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CT SB00431
Bill
Status
Passed
5/24/2010
Primary Sponsor
Finance, Revenue and Bonding Committee
Click for details
AI Summary
- Modifies collateral requirements for securities lending and repurchase agreements by the State Treasurer, effective July 1, 2010
- Allows collateral to be received as cash or securities guaranteed by the United States government or agencies, or by G10 sovereign countries rated "AA" or better by at least one nationally-recognized rating organization
- Requires collateral to maintain a minimum value of not less than 95 percent of the full market value of securities at all times during the agreement or loan term
- Specifies that collateral shall not be more than $100,000 less than the full market value of the security being lent or sold
- Maintains existing restrictions on trust fund investments, including the 60 percent limit on common stock (up to 65 percent temporarily following market fluctuations)
Legislative Description
An Act Concerning Collateral For Securities Lending By The State Treasurer.
Last Action
Signed by the Governor
6/8/2010
Committee Referrals
Finance, Revenue and Bonding3/8/2010
Full Bill Text
No bill text available