Utah Admin. Code R590-68-6 - Ownership of More Than 10% of an Equity Security
(1)
(a) To
determine if a person is the beneficial owner, directly or indirectly, of more
than 10% of a class of an equity security, the class consists of the total
amount of the class outstanding, excluding any securities of the class held by
or for the account of the insurer or a subsidiary of the insurer.
(b) Except for the purpose of determining
percentage ownership of voting trust certificates or certificates of deposit
for equity securities, the class of voting trust certificates or certificates
of deposit shall consist of the amount of voting trust certificates or
certificates of deposit issuable with respect to the total amount of
outstanding equity securities of the class that may be deposited under the
voting trust agreement or deposit agreement in question, whether all of the
outstanding securities are deposited.
(c) A person acting in good faith may rely on
the information contained in the latest annual statement filed with the
commissioner with respect to the number of securities of a class outstanding
or, in the case of voting trust certificates or certificates of deposit, the
amount issuable.
(2)
(a) To determine if a person is the
beneficial owner, directly or indirectly, of more than 10% of a class of equity
securities, the person is the beneficial owner of securities of a class that
the person has the right to acquire through the exercise of presently
exercisable options, warrants, or rights, or through the conversion of
presently convertible securities.
(b) The securities subject to such options,
warrants, rights, or conversion privileges held by a person are outstanding for
the purpose of computing the percentage of outstanding securities of the class
owned by that person, but are not outstanding for the purpose of computing the
percentage of the class owned by any other person.
(3) Subsection (2) does not relieve a person
of a duty to comply with Section
31A-5-303 with respect to an
equity security consisting of options, warrants, rights, or convertible
securities that are subject as a class to Section
31A-5-303.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.