§ 11-51-703 — Administration of article

(1) The securities commissioner is
hereby empowered to administer and enforce all provisions of this article and to
provide the division of securities with such books, records, files, and printing and
other supplies and employ such officers and clerical and other assistance as may
be necessary in the securities commissioner's discretion to perform the duties
required of the securities commissioner under this article.

(2) It is unlawful for the securities commissioner or any of the officers or
employees of the division of securities to use for personal benefit any information
which is filed with or obtained by the securities commissioner and which is not
made public. No provision of this article authorizes the securities commissioner or
any of such officers or employees to disclose any such information except among
themselves or when necessary or appropriate in a proceeding or investigation under
this article. No provision of this article either creates or derogates from any
privilege which exists at common law or otherwise when documentary or other
evidence is sought under a subpoena directed to the securities commissioner or any
of the officers or employees of the division of securities.

(3) The securities commissioner may enter into an arrangement, agreement,
or other working relationship with federal, other state, and self-regulatory
authorities whereby public documents may be initially filed and maintained in the
central registration depository, the investment adviser registration depository, or
with other agencies or authorities. It is the intent of this subsection (3) that the
securities commissioner be provided with the power to reduce the duplication of
filings, reduce administrative costs, and, in conjunction with other states and with
federal authorities, establish uniform procedures, forms, and administration to be
used by this state and by such other states and by such federal authorities.

(4) The securities commissioner may delegate to any officer of the division of
securities any power, duty, authority, or function created by this article and vested
in the securities commissioner, but nothing in this subsection (4) shall authorize the
securities commissioner to delegate to any officer the securities commissioner's
authority to make rules, institute proceedings or actions under section 11-51-306,
11-51-410, or 11-51-602, refer evidence under section 11-51-603 (3), or exercise the
authority created by this section, section 11-51-704 (1) or (2), or section 11-51-707
(3)(a) or (3)(b).

Legislative History

Source: L. 90: Entire article R&RE, p. 734, � 1, effective July 1. L. 2001: (3) amended, p. 16, � 3, effective March 9.