Overview

Does maintaining a place of business in the state trigger a notice filing (regardless of number of clients)?
 
Yes.
UTAH CODE ANN. § 61-1-3 (3)(c)(ii)(2017).

What is the maximum number of clients adviser can have in the state without triggering a notice filing?

5.
UTAH CODE ANN. § 61-1-3 (3)(c)(iii)(2017).

What sorts of clients are not counted for purposes of determining whether to notice file?

(i) one or more of the following whether acting for itself or as a trustee with investment control:

  1. an investment company as defined in the Investment Company Act of 1940;
  2. another investment adviser;
  3. a federal covered adviser;
  4. a broker-dealer;
  5. a depository institution;
  6. a trust company;
  7. an insurance company;
  8. an employee benefit plan with assets of not less than $1,000,000; or
  9. a governmental agency or instrumentality; or

(ii)  other institutional investors as are designated by rule or order of the director.

UTAH CODE ANN. § 61-1-3(3)(b).


Viewing of these pages does not establish an attorney-client relationship. The information above is informational purposes only and should not be construed as legal advice. A lawyer should be consulted to confirm both applicability and any other issues that might affect or apply to your situation.