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Senate approves amendments to clarify investment-adviser duties and fee rules
Summary
Senate Bill 76, updating the Utah Uniform Securities Act to restrict unlicensed broker-dealer investment advice and fee-splitting, was advanced to third reading after sponsor remarks and a voice vote.
Senate Bill 76, sponsored on the floor by Senator O'Keefe, would tighten licensing requirements for investment advisers and restrict fee-splitting between brokers/dealers and advisers. On Jan. 29 the sponsor explained the measure seeks to prevent unlicensed actors from providing investment advice and to clarify the commercial-paper exemption. A provision also would authorize securities-division counsel to appear in certain administrative hearings with the attorney general’s consent. The Senate recorded a favorable committee recommendation and placed the bill on the third-reading calendar after a roll call showing 26 ayes and no nays (three absent).
