| Federal Covered Securities are defined as any security that is
a covered security under Section 18 of the Securities Act of 1933 (1933 Act)
or rules or regulations promulgated thereunder. See 61-1-13(12),
Utah Code Ann. The States are preempted from requiring
registration for federal covered securities. However, status as a
federal covered security is not a preemption of the licensing or anti-fraud
laws. Any person that sells a federal covered security must be licensed
as a broker-dealer or agent and must also comply with the anti-fraud
provisions of section 61-1-1.
The Utah Uniform Securities Act (Act) gives the Division the authority to require notice filings with respect to covered securities under section 18(b)(2), (3), or (4) of the 1933 Act. See 61-1-15.5, Utah Code Ann. The Division currently has a notice filing requirement for covered securities under sections 18(b)(2) (investment companies) and 18(b)(4)(D) (rule 506 offerings) of the 1933 Act. See R164-15 of the Utah Administrative Code (UAC) All remaining covered securities may be offered or sold in Utah without registration or the filing of a notice filing. |
