(1) The securities commissioner may, from time to time, make, amend, and rescind such
rules, forms, and orders as are necessary to carry out the provisions of this article,
including rules and forms governing registration statements, applications, and reports,
and defining any terms, whether or not used in this article, insofar as the definitions
are not inconsistent with the provisions of this article. For the purpose of rules and forms, the securities commissioner may classify securities,
persons, and matters within the securities commissioner's jurisdiction and prescribe
different requirements for different classes.
(2) No rule, form, or order may be made, amended, or rescinded unless the securities
commissioner finds that the action is necessary or appropriate in the public interest
and is consistent with the purposes and provisions of this article. In prescribing rules and forms, the securities commissioner may cooperate with the
securities and exchange commission with a view to effectuating the policy of this
article to achieve maximum uniformity in the form and content of registration statements,
applications, and reports wherever practicable.
(3) The securities commissioner may, by rule or order, prescribe the form and content
of financial statements required under this article, the circumstances under which
consolidated financial statements shall be filed, and whether any required financial
statements shall be certified by independent or certified public accountants. Unless the securities commissioner by rule or order provides otherwise, a financial
statement required under this article must be prepared in accordance with generally
accepted accounting principles or other accounting principles as are prescribed for
the issuer of the financial statement by the securities and exchange commission.
(4) No provision of this article imposing any liability upon a person or providing
a basis for any sanction against a person applies to any act done or omitted in good
faith and in conformity with any rule, form, or order of the securities commissioner,
notwithstanding that the rule, form, or order may later be amended or rescinded or
be determined by any judicial or other authority to be invalid for any reason.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.