Section R333-7-1 - Authority, Scope, and Purpose(1) This rule is issued pursuant to Subsection 7-1-301(8)(b)(i) and Section 7-3-3.2.(2) This rule permits a state-chartered bank to purchase for its own account shares of open-end investment companies subject to certain restrictions.(3) This rule expands the eligible classes and types of investments for state-chartered banks and gives them rights, privileges and powers granted to national banks.Utah Admin. Code R333-7-1