NOTE: The governor signed this measure on 3/19/2012.
      
      
      HOUSE BILL 12-1077
      
      
      BY REPRESENTATIVE(S) Gardner B., Barker, Duran, Labuda, Liston,
      Peniston, Ramirez, Schafer S., Scott, Waller, Kerr A., Kerr J., Todd,
      Wilson, Young;
      also SENATOR(S) Tochtrop, King S., White.
      
      
      Concerning modifications to the investment confidentiality
           provisions related to police officers' and firefighters'
           pension plans.
      
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, 31-31-302, amend (8)
      (a) (IV), (8) (a) (V), (8) (b), (8) (c), and (8) (d) as follows:
      
           31-31-302.  Fund - management - investment - definitions.
      (8) (a)  As used in this subsection (8):
      
           (IV)  "Investment information" means information that has not been
      publicly disseminated or that is unavailable from other sources and
      includes information the release of which might cause a portfolio
      company an investment vehicle, an investment manager, a general
      partner, a fund sponsor, or an investment fiduciary significant
      competitive harm. Investment information includes, but is not limited to,
      financial performance data and projections, financial statements, lists of
      co-investors and their level of investment, portions of lists of current
      or projected investment opportunities that would cause
      competitive harm, product and market data, rent rolls, and leases, other
      types of proprietary information, or documents and information
      that investors are legally required to maintain as confidential
      as a condition of performing due diligence or participating in an
      investment.
      
           (V)  "Portfolio company" "Investment vehicle" means an entity
      in which an investment fiduciary has made or considered an investment on
      behalf of the association. Investment vehicles include but are not
      limited to sponsored funds, limited partnerships, and limited
      liability companies.
      
           (b)  Subject to paragraph (c) of this subsection (8), a public record
      received, prepared, used, or retained by an investment fiduciary in
      connection with an investment or potential investment of the association
      that relates to investment information pertaining to a portfolio company an
      investment vehicle in which the investment fiduciary has invested or has
      considered an investment or that relates to investment information whether
      prepared by or for the investment fiduciary regarding loans and assets
      directly owned by the investment fiduciary is exempt from the disclosure
      requirements of part 2 of article 72 of title 24, C.R.S.
      
           (c)  If a public record described in paragraph (b) of this subsection
      (8) is an agreement or instrument to which an investment fiduciary the
      association is a party, only those parts of the public record that contain
      investment information, as defined in subparagraph (IV) of paragraph (a)
      of this subsection (8), are exempt from the disclosure requirements of part
      2 of article 72 of title 24, C.R.S.
      
           (d)  At least annually the board shall publish and make available to
      the public a report of its investments that includes the following:
      
           (I)  The name of each portfolio company investment vehicle in
      which the association invested during the reporting period;
      
           (II)  The aggregate amount of money invested by the association in
      portfolio companies investment vehicles during the reporting period; and
      
           (III)  The rate of return realized during the reporting period on the
      investments of the association in portfolio companies investment
      vehicles.
      
           SECTION 2.  Act subject to petition - effective date. This act
      takes effect at 12:01 a.m. on the day following the expiration of the
      ninety-day period after final adjournment of the general assembly (August
      8, 2012, if adjournment sine die is on May 9, 2012); except that, if a
      referendum petition is filed pursuant to section 1 (3) of article V of the state
      constitution against this act or an item, section, or part of this act within
      such period, then the act, item, section, or part will not take effect unless
      approved by the people at the general election to be held in November 2012
      and, in such case, will take effect on the date of the official declaration of
      the vote thereon by the governor.
      
      
      
      
      ________________________________________________________
      Frank McNulty                      Brandon C. Shaffer
      SPEAKER OF THE HOUSE                     PRESIDENT OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
      
      
      ____________________________  ____________________________
      Marilyn Eddins                      Cindi L. Markwell
      CHIEF CLERK OF THE HOUSE                 SECRETARY OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO