Utah Administrative Code
Topic - Commerce
Title R164 - Securities
Rule R164-14 - Exemptions
Section R164-14-24v - Internet Solicitations Exemption
Universal Citation: UT Admin Code R 164-14-24v
Current through Bulletin 2024-06, March 15, 2024
(A) Authority and purpose
(1) The Division enacts this rule under
authority granted by Subsection
61-1-14(2)(v)
and Section
61-1-24.
(2) This rule provides an exemption for
offers effected through the Internet which do not result in sales in
Utah.
(B) Definitions
(1) "Division" means the Division of
Securities, Utah Department of Commerce.
(2) "Internet" means the global information
system comprised of independent computer networks which are interconnected and
share information without the use of a central processing center by use of the
Transmission Control Protocol/Internet Protocol (TCP/IP) suite, to include
without limitation, the World Wide Web, proprietary or "common carrier"
electronic delivery systems, or similar medium.
(3) "Internet Offer" means a communication,
regarding the offering of securities within the meaning of Subsection
61-1-13(1)(bb)(ii),
made on the Internet and directed generally to anyone who has access to the
Internet, including persons in Utah.
(C) Exemption
(1) The Division finds that registration is
not necessary or appropriate for the protection of investors in connection with
Internet Offers, provided:
(1)(a) an offer is
not specifically directed to any person in Utah;
(1)(b) the Internet Offer indicates that the
securities are not being offered to and sales will not be effected with persons
in Utah; and
(1)(c) no sales of the
issuer's securities are made in Utah as a result of the Internet
Offer.
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