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§ 14-103. Brokerage and investment management services provided by minority business enterprise...

West's Annotated Code of MarylandEconomic DevelopmentEffective: July 1, 2019

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 14. Miscellaneous Provisions (Refs & Annos)
Subtitle 1. Broadened Ownership Act (Refs & Annos)
Effective: July 1, 2019
MD Code, Economic Development, § 14-103
§ 14-103. Brokerage and investment management services provided by minority business enterprises
Currentness
In general
(a) The Department shall attempt to use to the greatest extent feasible minority business enterprises to provide brokerage and investment management services for any fund established under this article consistent with minority business purchasing standards applicable to units of State government under the State Finance and Procurement Article and consistent with the fiduciary duties of the Department.
Services relating to all allocated asset classes
(b) For purposes of this subsection, brokerage and investment management services shall include services relating to all allocated asset classes.
Efforts by Department to remove barriers to participation
(c)(1) To assist the Department in achieving the goal described under subsection (a) of this section, the Department shall undertake measures to remove any barriers that limit full participation by minority business enterprises in brokerage and investment management services opportunities afforded by any fund established under this article.
(2) The measures undertaken by the Department shall include the use of a wide variety of media, including the Department's website, to provide notice to a broad and varied range of potential providers about the brokerage and investment management services opportunities afforded under this article.
Guidelines created with Governor’s Office of Small, Minority, and Women Business Affairs
(d) In conjunction with the Governor's Office of Small, Minority, and Women Business Affairs, the Department shall develop guidelines to assist it in identifying and evaluating qualified minority business enterprises in order to help it achieve the objective for greater use of minority business enterprises for brokerage and investment management services under this article.
Reporting requirements
(e) On or before September 1 each year, the Department shall submit a report to the Governor's Office of Small, Minority, and Women Business Affairs and, subject to § 2-1257 of the State Government Article, the General Assembly on:
(1) the identity of the minority business enterprise brokerage and investment management services firms used by any fund established under this article in the immediately preceding fiscal year;
(2) the percentage and dollar value of the assets under the custody of each entity that are under the investment control of minority business enterprise brokerage and investment management services firms in each allocated asset class; and
(3) the measures the entity undertook in the immediately preceding fiscal year in accordance with subsection (c)(2) of this section.

Credits

Added by Acts 2012, c. 488, § 1, eff. Oct. 1, 2012; Acts 2012, c. 489, § 1, eff. Oct. 1, 2012. Amended by Acts 2017, c. 633, § 1, eff. June 1, 2017; Acts 2017, c. 634, § 1, eff. June 1, 2017; Acts 2019, c. 8, § 5.
MD Code, Economic Development, § 14-103, MD ECON DEV § 14-103
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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