Issuer-Agents

In most instances, issuers will sell their securities to the public by engaging a licensed broker-dealer and use the agents of that broker-dealer who are licensed in Utah.  However, in some instances an issuer's securities may be sold by an Issuer-Agent.

Definition

"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.
 
An Issuer-Agent may sell only the securities of one issuer. The Issuer-Agent may not act as an agent for multiple issuers. See Division Rule R164-4-1(E)(4)(a) .

Initial License

The following are the licensing requirements to become an Issuer-Agent.  For further details refer to Division Rule R164-4-1 .

  • To become a licensed Issuer-Agent, the applicant or sponsoring Issuer must file the following with the Division:
    1. Form U4 Uniform Application for Securities Registration or Transfer 
    2. Exams - Proof that the applicant has passed the Series 63 Examination or Series 66 Examination.
    3. Licensing Fee - Fee of $60.00 for each agent.
    4. Surety Bond - If required by Division Rule R164-11-1(E) .
  • A certificate of license will be issued.
  • All Issuer-Agent licenses expire December 31 of each year.

Renewal

To renew Issuer-Agent license, the following must be filed with the Division before December 31 of each year:

  1. Form U4 
  2. Renewal Fee - Fee of $60.00 for each agent.