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House approves securities bill expanding enforcement authority, removing administrative fine cap
Summary
The House passed HB 106 to broaden the securities commissioner's rulemaking and sanction authority, make false statements during investigations unlawful and remove a statutory cap on administrative fines; members questioned the open-ended fine authority and administrative enforcement approach before the bill passed, 69–0.
SALT LAKE CITY — The Utah House on Monday approved HB 106, a package of securities amendments that broadens the Securities Division’s rulemaking authority, authorizes continuing-education requirements for investment advisers, and adjusts enforcement provisions including the removal of a statutory maximum on administrative fines.
Sponsor Representative Cunningham said the…
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