In order to be considered to participate in the program, an investment manager must meet the following criteria: (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. (2) Have the ability to demonstrate real and contented transparency of positions and transactions. (3) Have the ability to provide and show quarterly liquidity. (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.
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