Utah Admin. Code R628-16-11 - Grounds for Suspension or Termination of Status as a Certified Dealer

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

Any one of the following constitutes grounds for suspension or termination of status as a certified dealer:

A. Termination of the dealer's status as a primary reporting dealer if the dealer gained certification as a primary reporting dealer.
B. Denial, suspension or revocation of the dealer's registration under the Government Securities Act, or by the Division, or by any other state's securities agency.
C. Failure to maintain a principal office operated by a resident registered principal in this state, if applicable.
D. Failure to maintain registration with the Utah Securities Division by the firm or any of its agents having any contact with a public treasurer.
E. Failure to remain in good standing in Utah with the Corporations Division, or to maintain a certificate of authority, as applicable.
F. Failure to submit within 10 days of the due date the required financial statements, or failure to maintain the required minimum net capital and total capital.
G. Requiring the public treasurer to sign any documents, contracts, or agreements which require that disputes be submitted to mandatory arbitration.
H. The sale, offer to sell, or any solicitation of a public treasurer by an agent or by a resident principal, where applicable, who is not certified.
I. Failure to pay the annual renewal fee.
J. Making any false statement or filing any false report with the Division.
K. Failure to file amended reports as required in section R628-16-9.
L. The sale, offer to sell, or any solicitation of a public treasurer, by the certified dealer or any of its employees or agents, of any instrument or in any manner not authorized by the Money Management Act or rules of the Council.
M. Failure to respond to requests for information from the Division or the Council within 15 days after receipt of a request for information.
N. Failure to maintain registration under the federal Government Securities Act.
O. Engaging in a dishonest or unethical practice in connection with any investment transaction with a public treasurer. "Dishonest or unethical practice" includes, those acts and practices enumerated in Rule R164-6-1 g.


Utah Admin. Code R628-16-11

The following state regulations pages link to this page.

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.