2006 Utah Code - 61-1-24 — Rules, forms, and orders of division.

     61-1-24.   Rules, forms, and orders of division.
     (1) (a) The division may make, amend, and rescind rules, forms, and orders when necessary to carry out the provisions of this chapter.
     (b) For the purpose of rules and forms, the division may classify securities, persons, and matters within its jurisdiction, and prescribe different requirements for different classes.
     (2) (a) The division may not make, amend, or rescind any rule, form, or order unless it finds that the action is in the public interest, for the protection of investors, and consistent with the purposes of this chapter.
     (b) In prescribing rules and forms, the division may cooperate with the securities administrators of the other states and the Securities and Exchange Commission to achieve maximum uniformity in the form and content of registration statements, applications, and reports wherever practicable.
     (3) (a) The division may prescribe:
     (i) the form and content of financial statements required under this chapter;
     (ii) the circumstances under which consolidated financial statements shall be filed; and
     (iii) whether or not any required financial statements shall be certified by independent public accountants.
     (b) All financial statements shall be prepared in accordance with generally accepted accounting principles.
     (4) All rules and forms of the division shall be published.
     (5) No provision of this chapter imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, or order of the division, notwithstanding that the rule, form, or order may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
     (6) The division may by rule classify specific acts as unlawful within the meaning of Sections 61-1-1 and 61-1-2 if it finds that the acts could operate as a fraud or part of a device, scheme, or artifice to defraud any person, and that the rule is not inconsistent with this chapter.

Amended by Chapter 161, 1991 General Session