The Utah Uniform Securities Act defines a “Broker-dealer” in Section 61-1-13(3). The Utah Administrative Code Rule 164-4-8 addresses how certain Canadian brokers may be excluded from the definition of “Broker-dealer” and the licensing requirements that follow.

To be excluded from the definition of “Broker-dealer” as a Canadian broker, the firm must meet the following requirements:

1) Reside in Canada;

2) Have no office or other physical presence in Utah; and

3) Comply with the following conditions:

A) Only effect or attempt to effect transactions in securities:

• with or through the issuers of the securities involved in the transactions, broker-dealers, banks, saving institutions, trust companies, insurance companies, investment companies defined in the Investment Company Act of 1940, pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees;
  
• with or for a person from Canada who is temporarily present in this state, with whom the Canadian person had a bona fide business-client relationship before the person entered this state;
  
• or with or for a person from Canada who is in this state, whose transactions are in a self-directed tax advantaged retirement plan in Canada of which the person is the holder or contributor;

B) File both a notice and a consent to service of process in the form that the Canadian broker’s jurisdiction requires;

C) Be a member of a self-regulatory organization or stock exchange in Canada;

D) Maintain provincial or territorial registration and membership in a self-regulatory organization or stock exchange in good standing;

E) Disclose to clients in Utah that the Canadian broker is not subject to the full regulatory requirements of the Utah Uniform Securities Act; and

F) Have no violation of Section 61-1-1 and all rules promulgated thereunder.