This text of Iowa § 502.605 (Rules, forms, orders, interpretative opinions, and hearings) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.Issuance and adoption of forms, orders, and rules. Pursuant to chapter 17A, the
administrator may do any of the following:
a.Issue forms and orders and, after notice and comment, may adopt and amend rules
necessary or appropriate to carry out this chapter and may repeal rules, including rules
and forms governing registration statements, applications, notice filings, reports, and other
records.
b.Define terms, whether or not used in this chapter, but those definitions shall not be
inconsistent with this chapter.
c.Classify securities, persons, and transactions and adopt different requirements for
different classes.
2.Findings and cooperation. Under this chapter, a rule or form shall not be adopted or
amended, or an order issued or amended, unless the administrator finds that the rule
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1. Issuance and adoption of forms, orders, and rules. Pursuant to chapter 17A, the
administrator may do any of the following:
a. Issue forms and orders and, after notice and comment, may adopt and amend rules
necessary or appropriate to carry out this chapter and may repeal rules, including rules
and forms governing registration statements, applications, notice filings, reports, and other
records.
b. Define terms, whether or not used in this chapter, but those definitions shall not be
inconsistent with this chapter.
c. Classify securities, persons, and transactions and adopt different requirements for
different classes.
2. Findings and cooperation. Under this chapter, a rule or form shall not be adopted or
amended, or an order issued or amended, unless the administrator finds that the rule, form,
order, or amendment is necessary or appropriate in the public interest or for the protection
of investors and is consistent with the purposes intended by this chapter. In adopting,
amending, and repealing rules and forms, section 502.608 applies in order to achieve
uniformity among the states and coordination with federal laws in the form and content of
registration statements, applications, reports, and other records, including the adoption of
uniform rules, forms, and procedures.
3. Financial statements. Subject to section 15(h) of the Securities Exchange Act and
section 222 of the Investment Advisers Act of 1940, the administrator may require that
a financial statement filed under this chapter be prepared in accordance with generally
accepted accounting principles in the United States and comply with other requirements
specified by rule adopted or order issued under this chapter. A rule adopted or order issued
under this chapter may establish any of the following:
a. Subject to section 15(h) of the Securities Exchange Act and section 222 of the
Investment Advisers Act of 1940, the form and content of financial statements required
under this chapter.
b. Whether unconsolidated financial statements must be filed.
c. Whether required financial statements must be audited by an independent certified
public accountant.
4. Interpretative opinions. The administrator may provide interpretative opinions or
issue determinations that the administrator will not institute a proceeding or an action under
this chapter against a specified person for engaging in a specified act, practice, or course
of business if the determination is consistent with this chapter. A rule adopted or order
issued under this chapter may establish a reasonable charge for interpretative opinions or
determinations that the administrator will not institute an action or a proceeding under this
chapter.
5. Effect of compliance. A penalty under this chapter shall not be imposed for, and
liability does not arise from, conduct that is engaged in or omitted in good faith believing it
conforms to a rule, form, or order of the administrator under this chapter.
6. Presumptionforpublichearings. Ahearinginanadministrativeproceedingunderthis
chapter must be conducted in public unless the administrator for good cause consistent with
this chapter determines that the hearing will not be so conducted.