2006 Utah Code - 51-7-11.5 — Certified investment advisers -- Scope of and limits to authority.

     51-7-11.5.   Certified investment advisers -- Scope of and limits to authority.
     (1) Except as provided in Subsection (2), certified investment advisers may not make any investments that are inconsistent with this chapter or rules of the council.
     (2) (a) Except as provided in Subsection (2)(b), certified investment advisers acting on behalf of a public treasurer shall conduct investment transactions only through qualified depositories, certified dealers, or directly with issuers of the investment securities.
     (b) Certified investment advisers may use a non-certified dealer, if the council has qualified the non-certified dealer according to the procedures and requirements established in the rules made as required in Subsection (2)(c).
     (c) The council shall make rules establishing standards and procedures that certified investment advisers may follow in order to qualify non-certified dealers.

Enacted by Chapter 248, 2004 General Session