Utah Admin. Code R164-1-1 - Authority and Purpose
(1) The division
enacts this rule under authority granted by Subsection
61-1-1(3) and
Section 61-1-24.
(2) This rule identifies practices by
broker-dealers, broker-dealer agents, or issuer-agents which are generally
associated with schemes to manipulate the securities markets.
(3) A broker-dealer, broker-dealer agent, or
issuer-agent who engages in one or more of the practices listed in Section
R164-1-4 will be deemed to have
engaged in an "act, practice or course of business which operates or would
operate as a fraud" as used in Subsection
61-1-1(3).
(4) This rule is not intended to be
all-inclusive. Thus, acts or practices not listed may also be deemed
fraudulent.
(5) This rule does not
preclude application of the anti-fraud provisions of Subsection
61-1-1(3) against
anyone for practices similar in nature to the practices listed in Section
R164-1-4.
Notes
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