Utah Code § 51-7-11.5: Certified investment advisers -- Scope of and limits to authority.

(1) A certified investment adviser may not make any investments that are inconsistent with this chapter or rules of the council.

(2) Except as provided in Subsection (3), a certified investment adviser acting on behalf of a public treasurer shall conduct investment transactions only through qualified depositories, certified dealers, or directly with issuers of the investment securities.

(3) Subject to rules of the council, a certified investment adviser may use the adviser's own approved list of brokers and dealers.