§ 11-51-704 — Rules, forms, and orders

(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(2) No rule, form, or order may be made, amended, or rescinded unless the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or rescinded or be determined by any judicial or other authority to be invalid for any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.

Legislative History

Source: L. 90: Entire article R&RE, p. 735, � 1, effective July 1.