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 January 1, 2020, please see the codification segue page.

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

R333. Financial Institutions, Banks.

Rule R333-7. Investment by a State-Chartered Bank in Shares of Open-End Investment Companies.

As in effect on January 1, 2020

Table of Contents

R333-7-1. Authority, Scope, and Purpose.

(1) This rule is issued pursuant to Subsection 7-1-301(8)(b)(i) and Section 7-3-3.2.

(2) This rule permits a state-chartered bank to purchase for its own account shares of open-end investment companies subject to certain restrictions.

(3) This rule expands the eligible classes and types of investments for state-chartered banks and gives them rights, privileges and powers granted to national banks.

R333-7-2. Definitions.

(1) "Open-end investment company" is one in which the shares are purchased or sold at par. The fund must be an open-ended investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and Securities Act of 1933 or a privately offered fund sponsored by an affiliated commercial bank.

(2) "Total capital" means the sum of capital stock, surplus, undivided profits, reserves for loan losses, reserve for contingencies, and subordinated notes and debentures with more than one year maturity.

R333-7-3. Investment by a State-Chartered Bank in Shares of Open-End Investment Companies.

(1) A state chartered bank may purchase and hold shares of an open-end investment company which are purchased or sold at par without limitation if the portfolio of the company consists wholly of obligations of, or obligations which are fully guaranteed as to principal and interest by the United States or this state.

(2) A state-chartered bank may invest an amount not to exceed 15% of the bank's total capital in any one money market fund with a Standard and Poor's Money Market Fund Rating of AAAm.


banks and banking, investments

Date of Enactment or Last Substantive Amendment


Notice of Continuation

September 5, 2017

Authorizing, Implemented, or Interpreted Law

7-1-301(8)(a); 7-3-3.2

Additional Information


For questions regarding the content or application of rules under Title R333, please contact the promulgating agency (Financial Institutions, Banks). 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.