"Agent" is defined, in section 61-1-13(1)(b)(i) of the Utah Uniform Securities Act ("Act"), as "any individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities." Some exclusions from the definition are outlined in the above-mentioned section of the Act.
Division Rule R164-4-1 of the Act outlines the requirements to license a Broker-Dealer Agent. Following is a summary of this rule:
Broker-Dealer Agent Examination Information
All Broker-Dealer Agent licenses expire on December 31 of each year. To renew the license, each agent must submit $60.00 to the CRD prior to December 31. The CRD processing center closes operations one to two weeks prior to year end in order to give the staff time to take care of the renewal process. It is recommended that the renewal fees be sent no later than December 31 of each year.
To withdraw a license or application, the agent must file with the CRD a Form U-5, Uniform Termination Notice for Securities Industry Registration. Withdrawal is effective 30 days following the receipt of FINRA Form U-5 unless the Division notifies the applicant otherwise.