"Broker-Dealer" is defined, in section 61-1-13(1)(c)(i) of the Utah Uniform Securities Act ("Act"), as "any person engaged in the business of effecting transactions in securities for the account of others or for his own account." The definition contains exclusions for certain persons which are found in the above-mentioned section of the Act.
Any person which transacts business in Utah as a Broker-Dealer must be licensed with the Utah Division of Securities.
Division Rule R164-4-1 outlines the requirements for Broker-Dealer licensing. Following is a summary of this rule:
All Broker-Dealer licenses expire on December 31 of each year. To renew the license, the $200.00 fee for the firm and the $60.00 fee for each agent must be submitted 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 1 of each year.
To withdraw a license or application, the Broker-Dealer must file with the CRD a FINRA Form BDW, Uniform Request for Withdrawal. This form is available from FINRA. A withdrawal is effective 30 days following the receipt of SEC Form BDW unless the Division notifies the applicant otherwise.