61-1-202. Governmental and third party disclosures.
(1)
If a broker-dealer, an investment adviser, or a qualified individual reasonably believes that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the broker-dealer, investment adviser, or qualified individual:
Terms Used In Utah Code 61-1-202
Adult Protective Services: means the same as that term is defined in Section 26B-6-201. See Utah Code 61-1-201
Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Utah Code 61-1-13
Division: means the Division of Securities established by Section 61-1-18. See Utah Code 61-1-13
Investment adviser: includes a financial planner or other person who:
(A)
as an integral component of other financially related services, provides the investment advisory services described in Subsection (1)(q)(i) to others as part of a business;
(B)
holds the person out as providing the investment advisory services described in Subsection (1)(q)(i) to others; or
(C)
holds the person out as a financial adviser, financial consultant, or any other similar title as the division may specify in rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, in any way as to imply that the person is generally engaged in an investment advisory business, including a person who does not hold a securities license and uses a title described in this Subsection (1)(q)(ii)(C) in any advertising or marketing material. 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;
an individual who serves in a supervisory, compliance, or legal capacity for a broker-dealer or an investment adviser. See Utah Code 61-1-201
(a)
shall promptly notify the division and Adult Protective Services; and
(b)
subject to Subsection (2), may notify a person previously designated by the eligible adult, a person allowed to receive notification under applicable law or any customer agreement, or an individual reasonably associated with the eligible adult.
(2)
A broker-dealer, an investment adviser, or a qualified individual may not notify a third party under Subsection (1)(b) if the third party is suspected of engaging in the financial exploitation of the eligible adult or other abuse of the eligible adult.
