||For more information
|Federal Covered Securities
||call the Division at (801) 530-6600
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 Utah Code Ann. §61-1-13(12). 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 Utah Code Ann. §61-1-15.5. 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.