INSTITUTE COMMENT LETTER TO UTAH REGARDING SCOPE OF INVESTMENT ADVISER REGULATION

November 13, 1991 TO: INVESTMENT ADVISERS COMMITTEE NO. 57-91 UTAH INVESTMENT ADVISER ASSOCIATE MEMBERS RE: INSTITUTE COMMENT LETTER TO UTAH REGARDING SCOPE OF INVESTMENT ADVISER REGULATION __________________________________________________________ Attached is a copy of the Institute's comment letter to the Utah Securities Division regarding the scope of investment adviser regulation. Specifically, the Division recently solicited industry comment concerning 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. (See Institute Memorandum to Investment Advisers Committee No. 50-91 and Utah Investment Adviser Associate Members, dated September 27, 1991.) The Institute's comment letter urges the Division to coordinate its regulation of investment advisers with the Federal securities laws, especially in the areas of disclosure and the registration of financial planners. In addition, the Institute cited the Series 65 as the appropriate examination requirement for investment advisers, but recommended liberal waivers from the Series 65 examination requirement until the problems associated with the examination are resolved. We will keep you informed of developments. Kathy D. Ireland Associate Counsel Attachment