{"data":{"id":"us-pa/24-pa.c.s.-8544","jurisdiction":"us-pa","citation":"24 Pa.C.S. § 8544","heading":"Participation criteria.","body":"In order to be considered to participate in the program, an investment manager must meet the following criteria:\n(1) Be registered under the Investment Advisers Act of 1940 (54 Stat. 847, 15 U.S.C. § 80b-1 et seq.) or be exempt from the Investment Advisers Act of 1940.\n(2) Have the ability to demonstrate real and contented transparency of positions and transactions.\n(3) Have the ability to provide and show quarterly liquidity.\n(4) A firm, portfolio manager or any combination of firm and portfolio manager must have a five-year historical performance record verified by at least one consultant or accounting firm in accordance with the Global Investment Performance Standard in effect on the effective date of this section.","path":["Title 24 - EDUCATION","PART IV RETIREMENT FOR SCHOOL EMPLOYEES","CHAPTER 85 ADMINISTRATION AND MISCELLANEOUS PROVISIONS","SUBCHAPTER D PUBLIC MARKETS EMERGING INVESTMENT MANAGER PROGRAM"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=24\u0026div=0\u0026chpt=85\u0026sctn=44\u0026subsctn=0","current_through":"2026-03-18 (Statute Update stamp, 24 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:31:48Z","sha256":"db816a3ca050a33de309a98f61d7e30a534e05fff8a7a63e8e3a89a0c8e7aa53","source_id":"us-pa","stale":false,"prev":"us-pa/24-pa.c.s.-8543","next":"us-pa/24-pa.c.s.-8545"},"notice":"GroundRules: Original legal text. Not legal advice."}