Neither the fact that an application for registration or a registration statement has been filed nor the fact that a person or security is effectively registered constitutes a finding by the division that any document filed under this chapter is true, complete, and not misleading. Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the division has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, security, or transaction.
Terms Used In Utah Code 61-1-17
Division: means the Division of Securities established by Section 61-1-18. See Utah Code 61-1-13
Person: means :
(i)
an individual;
(ii)
a corporation;
(iii)
a partnership;
(iv)
a limited liability company;
(v)
an association;
(vi)
a joint-stock company;
(vii)
a joint venture;
(viii)
a trust where the interests of the beneficiaries are evidenced by a security;
certificate of interest or participation in a profit-sharing agreement;
(H)
collateral-trust certificate;
(I)
preorganization certificate or subscription;
(J)
transferable share;
(K)
investment contract;
(L)
burial certificate or burial contract;
(M)
voting-trust certificate;
(N)
certificate of deposit for a security;
(O)
certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
(P)
commodity contract or commodity option;
(Q)
interest in a limited liability company;
(R)
life settlement interest; or
(S)
in general, an interest or instrument commonly known as a "security" or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase an item listed in Subsections (1)(ee)(i)(A) through (R). See Utah Code 61-1-13
(2)
It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with Subsection (1).
