There Is a Newer Version
of
the Utah Code
2006 Utah Code - 61-1-3 — Licensing of broker-dealers, agents, and investment advisers.
61-1-3. Licensing of broker-dealers, agents, and investment advisers.
(1) It is unlawful for any person to transact business in this state as a broker-dealer or agent unless the person is licensed under this chapter.
(2) (a) It is unlawful for any broker-dealer or issuer to employ or engage an agent unless the agent is licensed. The license of an agent is not effective during any period when he is not associated with a particular broker-dealer licensed under this chapter or a particular issuer.
(b) When an agent begins or terminates a connection with a broker-dealer or issuer, or begins or terminates those activities which make him an agent, the agent as well as the broker-dealer or issuer shall promptly notify the division.
(3) It is unlawful for any person to transact business in this state as an investment adviser or as an investment adviser representative unless:
(a) the person is licensed under this chapter; or
(b) the person's only clients in this state are investment companies as defined in the Investment Company Act of 1940, other investment advisers, federal covered advisers, broker-dealers, banks, trust companies, savings and loan associations, insurance companies, employee benefit plans with assets of not less than $1,000,000, and governmental agencies or instrumentalities, whether acting for themselves or as trustees with investment control, or other institutional investors as are designated by rule or order of the director; or
(c) the person has no place of business in this state and during the preceding 12-month period has had not more than five clients, other than those specified in Subsection (3)(b), who are residents of this state.
(4) (a) It is unlawful for any:
(i) person required to be licensed as an investment adviser under this chapter to employ an investment adviser representative unless the investment adviser representative is licensed under this chapter, provided that the license of an investment adviser representative is not effective during any period when the person is not employed by an investment adviser licensed under this chapter; or
(ii) federal covered adviser to employ, supervise, or associate with an investment adviser representative having a place of business located in this state, unless such investment adviser representative is licensed under this chapter or is exempt from licensing.
(b) When an investment adviser representative required to be licensed under this chapter begins or terminates employment with an investment adviser, the investment adviser shall promptly notify the division.
(5) Except with respect to investment advisers whose only clients are those described under Subsections (3)(b) or (3)(c), it is unlawful for any federal covered adviser to conduct advisory business in this state unless such person complies with the provisions of Section 61-1-4.
(1) It is unlawful for any person to transact business in this state as a broker-dealer or agent unless the person is licensed under this chapter.
(2) (a) It is unlawful for any broker-dealer or issuer to employ or engage an agent unless the agent is licensed. The license of an agent is not effective during any period when he is not associated with a particular broker-dealer licensed under this chapter or a particular issuer.
(b) When an agent begins or terminates a connection with a broker-dealer or issuer, or begins or terminates those activities which make him an agent, the agent as well as the broker-dealer or issuer shall promptly notify the division.
(3) It is unlawful for any person to transact business in this state as an investment adviser or as an investment adviser representative unless:
(a) the person is licensed under this chapter; or
(b) the person's only clients in this state are investment companies as defined in the Investment Company Act of 1940, other investment advisers, federal covered advisers, broker-dealers, banks, trust companies, savings and loan associations, insurance companies, employee benefit plans with assets of not less than $1,000,000, and governmental agencies or instrumentalities, whether acting for themselves or as trustees with investment control, or other institutional investors as are designated by rule or order of the director; or
(c) the person has no place of business in this state and during the preceding 12-month period has had not more than five clients, other than those specified in Subsection (3)(b), who are residents of this state.
(4) (a) It is unlawful for any:
(i) person required to be licensed as an investment adviser under this chapter to employ an investment adviser representative unless the investment adviser representative is licensed under this chapter, provided that the license of an investment adviser representative is not effective during any period when the person is not employed by an investment adviser licensed under this chapter; or
(ii) federal covered adviser to employ, supervise, or associate with an investment adviser representative having a place of business located in this state, unless such investment adviser representative is licensed under this chapter or is exempt from licensing.
(b) When an investment adviser representative required to be licensed under this chapter begins or terminates employment with an investment adviser, the investment adviser shall promptly notify the division.
(5) Except with respect to investment advisers whose only clients are those described under Subsections (3)(b) or (3)(c), it is unlawful for any federal covered adviser to conduct advisory business in this state unless such person complies with the provisions of Section 61-1-4.
Amended by Chapter 160, 1997 General Session
Disclaimer: These codes may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
