DAR File No. 41720

This notice was published in the July 1, 2017, issue (Vol. 2017, No. 13) of the Utah State Bulletin.


Commerce, Securities

Rule R164-11

Registration Statement

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 41720
Filed: 06/02/2017 08:09:21 AM

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 61-1-24 of the Utah Uniform Securities Act allows the division to make rules necessary to carry out the provisions of the chapter. Subsection 61-1-11(7)(b) authorizes the division to determine escrow and impounding requirements. Subsection 61-1-11.1(9) authorizes the division to establish rules for the conduct of fairness hearings.

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 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 was established to ensure disclosure of material information, prevent fraud, and limit excessive promoter profits in registered securities offerings. In addition, the rule serves to establish procedures for fairness hearings and for the impound of funds in offerings registered by qualification until the division approves a release of those funds. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:

Commerce
Securities
HEBER M WELLS BLDG
160 E 300 S
SALT LAKE CITY, UT 84111-2316

Direct questions regarding this rule to:

  • Benjamin Johnson at the above address, by phone at 801-530-6134, by FAX at 801-530-6980, or by Internet E-mail at bnjohnson@utah.gov

Effective:

06/02/2017

Authorized by:

Keith Woodwell, Director


Additional Information

More information about a Five-Year Notice of Review and Statement of Continuation is available online.

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/2017/b20170701.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 Benjamin Johnson at the above address, by phone at 801-530-6134, by FAX at 801-530-6980, or by Internet E-mail at bnjohnson@utah.gov.  For questions about the rulemaking process, please contact the Office of Administrative Rules.