Utah Administrative Code
Topic - Commerce
Title R164 - Securities
Rule R164-2 - Investment Adviser - Unlawful Acts
Section R164-2-8 - Arm's Length Agreement

(1) An investment adviser, and any investment adviser representative, who enters into the contract must reasonably believe immediately before entering into a contract that the contract represents an arm's length arrangement between the parties and that the client, or if the client is a company as defined in Subsection R164-2-3(2) the person representing the company, understands the proposed method of compensation and its risks.

(2) The representative of a company may be a partner, director, officer or an employee of the company or the trustee, where the company is a trust, or any other person designated by the company or trustee.