September 27, 1991
TO: INVESTMENT ADVISERS COMMITTEE NO. 50-91
UTAH INVESTMENT ADVISER ASSOCIATE MEMBERS
RE: UTAH REQUESTS COMMENTS REGARDING SCOPE OF INVESTMENT
ADVISER REGULATION
__________________________________________________________
The Utah Securities Division recently distributed the
attached letter to solicit industry comment with respect to the
application of the investment adviser provisions of the Utah
Uniform Securities Act to certain professionals, i.e.,
accountants, attorneys, insurance agents, securities sales
agents, pension consultants and others who provide investment
advice to their clients in connection with giving other
professional advice or in connection with sales of insurance
and/or securities products. The Division is specifically
requesting input on the criteria that should be used in
determining who should be licensed under the Act, the qualifying
examinations that should be required of licensees and the
disclosure requirements that should be imposed on investment
advisers.
The Division has requested that written comments be
submitted on or before November 1, 1991 to Earl S. Maeser,
Director, Utah Securities Division, 160 East 300 South, Salt Lake
City, Utah 84145-0808. Please call me at (202) 955-3523 with any
comments you have by October 15, 1991.
Amy B.R. Lancellotta
Assistant General Counsel
Attachment