File No. 33389
This notice was published in the March 1, 2010, issue (Vol. 2010, No. 5) of the Utah State Bulletin.
Investment Adviser - Unlawful Acts
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 33389
Filed: 02/16/2010 03:39:04 PM
NOTICE OF REVIEW AND STATEMENT OF CONTINUATION
Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:
Section 61-1-2 describes the acts of investment advisers which are deemed to be unlawful, and provides that the Division may, by rule, adopt exemptions from the section's requirements for investment advisory contracts. Section 61-1-24 allows the Division to make rules when necessary to carry out provisions of the chapter.
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
No written comments have been received.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
This rule defines the circumstances under which an exception to the prohibition against performance-based fees contained in Section 61-1-2 is permissible. It protects the public by ensuring that specific requirements are met before an investment adviser may receive performance-based compensation for investment advisory services. Therefore, this rule should be continued.
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:Commerce
160 E 300 S
SALT LAKE CITY, UT 84111-2316
Direct questions regarding this rule to:
- Charles Lyons at the above address, by phone at 801-530-6940, by FAX at 801-530-6980, or by Internet E-mail at firstname.lastname@example.org
- Keith Woodwell at the above address, by phone at 801-530-6606, by FAX at 801-530-6980, or by Internet E-mail at email@example.com
Keith Woodwell, Director
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull-pdf/2010/b20100301.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact Charles Lyons at the above address, by phone at 801-530-6940, by FAX at 801-530-6980, or by Internet E-mail at firstname.lastname@example.org; Keith Woodwell at the above address, by phone at 801-530-6606, by FAX at 801-530-6980, or by Internet E-mail at email@example.com.