Utah Administrative Code

The Utah Administrative Code is the body of all effective administrative rules as compiled and organized by the Division of Administrative Rules (see Subsection 63G-3-102(5); see also Sections 63G-3-701 and 702).

NOTE: For a list of rules that have been made effective since October 1, 2019, please see the codification segue page.

NOTE TO RULEFILING AGENCIES: Use the RTF version for submitting rule changes.


R164. Commerce, Securities.

Rule R164-101. Securities Fraud Reporting Program Act.

As in effect on October 1, 2019

Table of Contents

R164-101-1. Application and Award Procedures.

(A) Authority and Purpose

(1) The Division enacts this rule under authority granted by Sections 61-1-24, -103 and -107.

(2) This rule describes the procedures for filing an application for an award under the Securities Fraud Reporting Program Act and procedures for the making or denial of such award.

(B) Definitions

(1) "Act" means the Utah Uniform Securities Act, Utah Code Ann. Section 61-1-1 et seq.

(2) "Application" means the form designated by the Division through which an individual ("reporter") may report violations of the Act in accordance with Section 61-1-103.

(3) "Award" means a payment authorized by the Utah Securities Commission ("Commission") as described in Section 61-1-106.

(4) "Reporter" means an individual who provides original information relating to a violation in accordance with Section 61-1-103.

(C) Application Requirements

(1) To be considered for an award, a reporter shall submit to the Division an application containing the information set forth in Section 61-1-103 and any other information required by the Division.

(D) Award Procedures

(1) At the conclusion of an action that meets the criteria of Subsection 61-1-106(1) and Section 61-1-107, and in consideration of the criteria set forth in Subsection 61-1-106(3), the Commission may make an award to one or more reporters.

(2) Prior to making an award, the Commission shall confirm the reporter meets the requirements of Section 61-1-103. In determining whether the reporter meets such requirements, the Commission may request any relevant information from the Division or from the reporter.

(3) Upon making an award, the Commission shall enter an order that payment be made from the Securities Investor Education, Training, and Enforcement Fund. The Division shall make payment to the reporter in compliance with Section 61-1-18.7.

(4) If the Commission denies an award, the Commission shall enter an order denying the award. A person aggrieved by such order may appeal the denial as set forth in Subsection 61-1-107(4)(b).

(5) A majority of the Commission shall constitute a quorum for making or denying an award.

(6) The Commission shall make or deny an award within one hundred and twenty (120) days following the payment of a monetary sanction in excess of $50,000 in an action described in Subsection (D)(1).

KEY

securities, securities regulation, securities fraud reporting program

Date of Enactment or Last Substantive Amendment

February 21, 2012

Notice of Continuation

February 7, 2017

Authorizing, Implemented, or Interpreted Law

61-1-18.7; 61-1-24; 61-1-101; 61-1-103; 61-1-106; 61-1-107


Additional Information

Contact

For questions regarding the content or application of rules under Title R164, please contact the promulgating agency (Commerce, Securities). A list of agencies with links to their homepages is available at http://www.utah.gov/government/agencylist.html or from http://www.rules.utah.gov/contact/agencycontacts.htm.