Policies and Procedures Manual

Why is this manual important?

The Utah Division of Securities, as authorized by Utah Code Ann. §61-1-5, may conduct an examination of certain books and records of which are required to be kept under Division Rule R164-5. Utah Code Ann. §61-1-5 (5) provides that these records “are subject at any time or from time to time to reasonable periodic, special, or other examinations by representatives of the Division, within or without this state, as the Division deems necessary or appropriate in the public interest or for the protection of investors.”

Who is required to have a Policy & Procedures Manual?

Any RIA that has more than one employee, including:

  • IARs
  • Administrative Staff
  • Temporary Employees
  • Contractors
  • Solicitors

Best Practices

  • Review Policies and Procedures Manual at least annually with all employees
  • Keep a log of meeting attendance; attendees review manual and sign a “receipt of policies” form
  • Include an annual ADV update checklist and a code of ethics in the manual; have each employee sign it

Creating a culture of compliance includes:

  • A strategic vision
  • Identification of specifics risks
  • Control points for each of the risks
  • Good documentation & accountability

What we are looking for:

Hiring/Training Processes

Handling Customer Funds/Custody

Protection/ Confidentiality

Employee Transaction Review

Correspondence Review

Advertising Review

Complaint Review

Solicitor

Outside Business Activities

Business Continuity/ Disaster Recovery Planning

Branch/Remote Office Supervision



Information has been provided by NASAA. You will be subject to all relevant laws, regulations, rules, and orders whether or not they are included in this information sheet.