61-1-24 - Rules, forms, and orders. - Utah Statutes

61-1-24. Rules, forms, and orders.
(1) (a) Subject to Subsection (1)(c), the division may make, amend, or rescind a rule,form, or order when necessary to carry out this chapter.
(b) For the purpose of a rule or form, the division may:
(i) classify securities, persons, and matters within the jurisdiction of the commission ordivision; and
(ii) prescribe different requirements for different classes.
(c) The division shall make rules in accordance with Title 63G, Chapter 3, UtahAdministrative Rulemaking Act, except that the division may not make, amend, or rescind a ruleor form under this chapter without the concurrence of the commission.
(d) In prescribing a rule or form, the division may cooperate with the securitiesadministrators of the other states and the Securities and Exchange Commission to achievemaximum uniformity in the form and content of registration statements, applications, and reportswherever practicable.
(2) (a) The division may prescribe:
(i) the form and content of a financial statement required under this chapter;
(ii) the circumstances under which a consolidated financial statement shall be filed; and
(iii) whether or not a required financial statement shall be certified by an independentpublic accountant.
(b) A financial statement under this chapter shall be prepared in accordance withgenerally accepted accounting principles.
(3) A provision of this chapter that imposes liability does not apply to an act done oromitted in good faith in conformity with a rule, form, or order of the division or an order of thecommission, notwithstanding that the rule, form, or order may later be amended or rescinded orbe determined by judicial or other authority to be invalid for any reason.

Amended by Chapter 347, 2009 General Session
Amended by Chapter 351, 2009 General Session