Section R628-15-12 - Grounds for Denial, Suspension or Termination of Status as a Certified Investment AdviserAny of the following constitutes grounds for denial, suspension, or termination of status as a Certified investment adviser:
A. Denial, suspension or termination of the Certified investment adviser's license by the Division.B. Failure to maintain a license with the Division by the firm or any of its Investment adviser representatives conducting investment transactions with a public treasurer.C. Failure to maintain the required minimum net worth and the required bond.D. Requiring the public treasurer to sign any documents, contracts, or agreements which require that disputes be submitted to mandatory arbitration.E. Failure to pay the annual certification fee.F. Making any false statement or filing any false report with the Division.G. Failure to comply with any requirement of section R628-15-9.H. Engaging in any material act in negligent or willful violation of the Act or Rules of the Council.I. Failure to respond to requests for information from the Division or the Council within 15 days after receipt of a request for information.J. Engaging in a dishonest or unethical practice. "Dishonest or unethical practice" includes but is not limited to those acts and practices enumerated in Rule R164-6-1g.K. Being the subject of: (1) an adjudication or determination, within the past five years by a securities or commodities agency or administrator of another state, Canadian province or territory, or a court of competent jurisdiction that the person has willfully violated the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Commodity Exchange Act, or the securities or commodities law of any other state; or(2) an order entered within the past five years by the securities administrator of any state or Canadian province or territory or by the Securities and Exchange Commission denying or revoking license as an investment adviser, or investment adviser representative or the substantial equivalent of those terms or is the subject of an order of the Securities and Exchange Commission suspending or expelling the person from a national securities exchange or national securities association registered under the Securities Exchange Act of 1934, or is the subject of a United States post office fraud order.Utah Admin. Code R628-15-12
Adopted by Utah State Bulletin Number 2015-15, effective 7/13/2015Amended by Utah State Bulletin Number 2017-18, effective 8/21/2017