Section R164-1-1 - Authority and Purpose(1) The division enacts this rule under authority granted by Subsection 61-1-1(3) and Section 61-1-24.(2) This rule identifies practices by broker-dealers, broker-dealer agents, or issuer-agents which are generally associated with schemes to manipulate the securities markets.(3) A broker-dealer, broker-dealer agent, or issuer-agent who engages in one or more of the practices listed in Section R164-1-4 will be deemed to have engaged in an "act, practice or course of business which operates or would operate as a fraud" as used in Subsection 61-1-1(3).(4) This rule is not intended to be all-inclusive. Thus, acts or practices not listed may also be deemed fraudulent.(5) This rule does not preclude application of the anti-fraud provisions of Subsection 61-1-1(3) against anyone for practices similar in nature to the practices listed in Section R164-1-4.Utah Admin. Code R164-1-1
Adopted by Utah State Bulletin Number 2022-07, effective 3/11/2022