Utah County commissioners approve resolution opposing SEC proposal on 'natural asset companies'

The Utah County Commission voted to approve a resolution on Jan. 17 urging the U.S. Securities and Exchange Commission to reconsider a proposed rule to allow the creation of "natural asset companies" (NACs), a new investment vehicle described in the resolution as enabling investors to profit from the protection of natural resources.

Chair read portions of the 12'page resolution, saying the proposal originated with the Intrisc Exchange Group in partnership with the New York Stock Exchange and noting supporting partners such as the Rockefeller Foundation and international environmental organizations. The resolution links NAC proponents to broader conservation and climate goals referenced in the federal register notice and expresses county concerns that such a product could threaten jobs, energy supplies and local control.

"Instead of sticking to its mission of regulating securities, it appears that the SEC is allowing the New York Stock Exchange and itself to venture outside its rule making authority," the resolution language reads in part, arguing the agency'level action could result in private or foreign entities exercising control over land-protection assets.

A commissioner thanked State Treasurer Marlo Oakes for leading national opposition and for successfully urging the SEC to reopen the comment timeline, which gave the county an opportunity to submit its views. Another commissioner urged "constant vigilance" to protect personal property rights. The chair cited local examples of conservation easements and expressed concern about foreign entities acquiring conserved land.

A commissioner moved to approve the resolution and another commissioner seconded; the chair called for the voice vote and multiple commissioners responded "aye," carrying the motion. Commissioners said they would submit comments to the SEC as allowed by the reopened timeline.

The resolution text affirms Utah County's preference for public control and multiple'use management of public lands and directs staff to transmit the county's comments to the SEC.