§ 11-51-202 — References to federal statutes

(1) Each reference in this article
to a federal act or statute means, unless the context otherwise requires, that act or
statute as in effect on January 1, 1990, together with all rules and regulations under
such act or statute as in effect on that date, except as subsequent amendments
may become applicable under this article pursuant to subsection (2) of this section.

(2) (a) Whenever an amendment to any federal act or statute to which
reference is made in this article is enacted with an effective date on or after
January 1, 1990, or whenever an amendment to any rule or regulation under any
such federal act or statute is promulgated with an effective date on or after such
date, the securities commissioner shall determine whether giving effect to such
amendment is inconsistent with the purposes of this article set forth in section 11-51-101 (2), any other provision of this article, or any rule under this article. If the
securities commissioner determines that an inconsistency exists, the securities
commissioner shall commence rule-making proceedings for the purpose of making,
amending, or rescinding such rules under this article as may be appropriate to carry
out the policy stated in section 11-51-101 (3). If no rule-making proceeding with
respect to such amendment is commenced within ninety days after the effective
date of such amendment (or within ninety days after the effective date of this
article as set forth in section 11-51-801, if later), such amendment shall apply to this
article and the rules under this article. If a rule-making proceeding with respect to
such amendment is commenced within ninety days after the effective date of such
amendment (or within ninety days after the effective date of this article as set forth
in section 11-51-801, if later), such amendment shall not apply to this article or any
rule under this article except as may be provided by rule upon completion of such
rule-making proceeding.

(b) 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 by such person in good faith and in conformity with the provisions of this
article and the rules under this article, as in effect prior to the effective date of any
amendment to any federal act or statute to which reference is made in this article
or any amendment to any rule or regulation under any such federal act or statute
during the period commencing upon the effective date of such amendment and
ending on the date determined by the following:

(I) If no rule-making proceeding with respect to such amendment is
commenced under this subsection (2) within ninety days after its effective date (or
within ninety days after the effective date of this article as set forth in section 11-51-801, if later), ending on the ninetieth day after such effective date; or

(II) If such a rule-making proceeding is commenced within such period of
ninety days, ending upon completion of such rule-making proceeding.

(3) Each reference in this article to the federal Investment Advisers Act of
1940 means that act in effect on April 30, 1998, together with all rules and
regulations under such federal act as in effect on that date, except as subsequent
amendments may become applicable under this article pursuant to subsection (2)
of this section.

Legislative History

Source: L. 90: Entire article R&RE, p. 706, � 1, effective July 1. L. 98: (3) added, p. 549, � 3, effective April 30.