Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-178 - Securities Custody
Section R590-178-3 - Definitions
Current through Bulletin 2024-06, March 15, 2024
Terms used in this rule are defined in Sections 31A-1-301, 31A-2-206, and 70A-8-101. Additional terms are defined as follows:
(1) "Agent" means a national bank, state bank, trust company, or broker/dealer that maintains an account in its name in a clearing corporation or that is a member of the Federal Reserve System and through which a custodian participates in a clearing corporation or the Federal Reserve book-entry system.
(2) "Clearing corporation" means a corporation that is organized for the purpose of effecting transactions in securities by computerized book-entry. Clearing corporation also includes "Treasury/Reserve Automated Debt Entry Securities System" and "Treasury Direct" book-entry securities systems established pursuant to 31 U.S.C. 3100 et seq., 12 U.S.C. 391 and 5 U.S.C. 301.
(3) "Custodian" means:
(4) "Custodied securities" means securities held by the custodian or its agent, or that are being cleared or transferred through a clearing corporation.
(5) "Tangible net worth" means shareholders equity, less intangible assets, as reported in the broker/dealer's most recent Annual or Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Form 10-K, filed with the Securities and Exchange Commission.
(6) "Treasury/Reserve Automated Debt Entry Securities System" (TRADES) and "Treasury Direct" mean the book entry securities systems established pursuant to 31 U.S.C. 3100 et seq., 12 U.S.C. 391, and 5 U.S.C. 301. The operation of TRADES and Treasury Direct are subject to 31 C.F.R. 357 et seq.