Minnesota law requires local units of government to obtain a broker’s certification before transacting business with a broker. Each year, the broker must acknowledge in writing the receipt of a statement of investment restrictions and must agree to handle the government entity’s account in accordance with those restrictions. The law prohibits a government entity from entering into a transaction with a broker until the broker provides the entity with the required certification.

For more information and links to broker certification forms for local governments and relief associations, go to:

http://www.auditor.state.mn.us/default.aspx?page=20030101.031

Date this Avoiding Pitfall was most recently published: 2/28/2020