840 CMR, § 16.09

Current through Register 1536, December 6, 2024

Section 16.09 - Notice to Cease and Desist

If the Executive Director of the Public Employee Retirement Administration Commission has reason to believe that any person including, without limitation, any board or member or qualified investment manager thereof, has invested or is investing the funds of a system without authorization or in violation of any provision of M.G.L. c. 32, or 840 CMR 16.00 through 25.00, inclusive, the Executive Director shall issue a notice to such person to cease and desist from doing so and, if the Executive Director finds that protection of system funds so require, the Executive Director may:

(1) remove any such person from advising any retirement system or managing the funds of any system;

(2) revoke any exemption granted to such board pursuant to 840 CMR 19.00; or

(3) petition the Superior Court to compel the observance and restrain the violation of any provision of M.G.L. c. 32, § 23, or 840 CMR 16.00 through 25.00.

840 CMR, § 16.09