(a) An investment adviser that executes bids for the investment of public moneys on behalf of a governmental unit shall not be permitted to engage in a principal transaction with the governmental unit that is the same or directly related to the issue of securities or financial product for which the investment adviser is providing or has provided advice. Nothing in this section shall prevent governmental units from engaging with a federally registered investment adviser. (b) For purposes of this section: (1) "Governmental unit" means the state or any county, municipality or other political subdivision thereof; and (2) "investment adviser" means the same as defined in K.S.A. 17-12a102, and amendments thereto.
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