Utah Admin. Code R164-5-1 - Recordkeeping Requirements of Broker-Dealers and Investment Advisers

Current through Bulletin No. 2021-18, September 15, 2021

(A) Authority and Purpose
(1) The Division enacts this rule under authority granted by Sections 61-1-5 and 61-1-24.
(2) This rule specifies the books and records a broker-dealer and an investment adviser must maintain.
(B) Definitions
(1) "Act" means Title 61, Chapter 1, Utah Uniform Securities Act.
(2) "Division" means the Division of Securities, Utah Department of Commerce.
(3) "SEC" means the United States Securities and Exchange Commission.
(C) Broker-dealer requirements
(1) Unless otherwise provided by order of the SEC, each broker-dealer licensed or required to be licensed under this Act shall make, maintain and preserve books and records in compliance with SEC Rules 17a-3 ( 17 CFR 240.17 a- 3(1996) ), 17a-4 ( 17 CFR 240.17 a- 4(1996) ), 15c2-6 ( 17 CFR 240.15c2 - 6(1991) ) and 15c2-11 ( 17 CFR 240.15 c 2 - 11(1996) ), which are adopted and incorporated by reference.
(2) To the extent that the SEC promulgates changes to the above referenced rules, broker-dealers in compliance with such rules as amended shall not be subject to enforcement action by the Division for violation of this rule to the extent that the violation results solely from the broker-dealer's compliance with the amended rule.
(D) Investment adviser requirements
(1) Except as provided in subparagraph (D)(3), unless otherwise provided by order of the SEC, each investment adviser licensed or required to be licensed under the Act shall make, maintain and preserve books and records in compliance with SEC Rule 204-2 ( 17 CFR 275.204-2 (August 12, 2010)), which is adopted and incorporated by reference, notwithstanding the fact that such investment adviser is not registered or required to be registered under section 203 of the Investment Advisers Act of 1940.
(2) To the extent that the SEC promulgates changes to the above-referenced rules, investment advisers in compliance with such rules as amended shall not be subject to enforcement action by the Division for violation of this rule to the extent that the violation results solely from the investment adviser's compliance with the amended rule.
(3) Every investment adviser that has its principal place of business in a state other than this state shall be exempt from the requirements of subparagraph (D), provided the investment adviser is licensed or registered in such state and is in compliance with such state's record keeping requirements.

Notes

Utah Admin. Code R164-5-1

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