Utah Admin. Code R628-15-12 - Grounds for Denial, Suspension or Termination of Status as a Certified Investment Adviser
Any of the following constitutes grounds for denial, suspension, or termination of status as a Certified investment adviser:
A. Denial, suspension or termination of the
Certified investment adviser's license by the Division.
B. Failure to maintain a license with the
Division by the firm or any of its Investment adviser representatives
conducting investment transactions with a public treasurer.
C. Failure to maintain the required minimum
net worth and the required bond.
D.
Requiring the public treasurer to sign any documents, contracts, or agreements
which require that disputes be submitted to mandatory arbitration.
E. Failure to pay the annual certification
fee.
F. Making any false statement
or filing any false report with the Division.
G. Failure to comply with any requirement of
section
R628-15-9.
H. Engaging in any material act in negligent
or willful violation of the Act or Rules of the Council.
I. Failure to respond to requests for
information from the Division or the Council within 15 days after receipt of a
request for information.
J.
Engaging in a dishonest or unethical practice. "Dishonest or unethical
practice" includes but is not limited to those acts and practices enumerated in
Rule
R164-6-1g.
K. Being the subject of:
(1) an adjudication or determination, within
the past five years by a securities or commodities agency or administrator of
another state, Canadian province or territory, or a court of competent
jurisdiction that the person has willfully violated the Securities Act of 1933,
the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the
Investment Company Act of 1940, the Commodity Exchange Act, or the securities
or commodities law of any other state; or
(2) an order entered within the past five
years by the securities administrator of any state or Canadian province or
territory or by the Securities and Exchange Commission denying or revoking
license as an investment adviser, or investment adviser representative or the
substantial equivalent of those terms or is the subject of an order of the
Securities and Exchange Commission suspending or expelling the person from a
national securities exchange or national securities association registered
under the Securities Exchange Act of 1934, or is the subject of a United States
post office fraud order.
Notes
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