§ 23-19-6-5 — Rules, forms, and orders; financial statements; interpretive opinions and determinations; good faith conduct; public hearings

Indiana § 23-19-6-5

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 19: INDIANA UNIFORM SECURITIES ACT
• Ch. 6: Administration and Judicial Review

Text

(a) The commissioner may:
(1) issue forms and orders and, after notice and comment, may
adopt and amend rules necessary or appropriate to carry out this
article and may repeal rules, including rules and forms governing
registration statements, applications, notice filings, reports, and
other records;
(2) by rule, define terms, whether or not used in this article, but
those definitions may not be inconsistent with this article; and
(3) by rule, classify securities, persons, and transactions and adopt
different requirements for different classes.
(b) Under this article, a rule or form may not be adopted or
amended, or an order issued or amended, unless the commissioner
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 article.
(c) Subject to Section 15(h) of the Securities Exchange Act of 1938
(15 U.S.C. 78o(h)) and Section 222 of the Investment Advisers Act of
1940 (15 U.S.C. 80b-18a), the commissioner may require that a
financial statement filed under this article 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 article. A rule adopted or order issued under this
article may establish:
(1) subject to Section 15(h) of the Securities Exchange Act of
1934 (15 U.S.C. 78o(h)) and Section 222 of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-18a), the form and content
of financial statements required under this article;
(2) whether unconsolidated financial statements must be filed;
and
(3) whether required financial statements must be audited by an
independent certified public accountant.
(d) The commissioner may provide interpretive opinions or issue
determinations that the commissioner will not institute a proceeding or
an action under this article against a specified person for engaging in
a specified act, practice, or course of business if the determination is
consistent with this article. The commissioner shall charge a fee of one
hundred dollars ($100) for an interpretive opinion or determination.
(e) A penalty under this article may not be imposed for, and liability
does not arise from, conduct that is engaged in or omitted in good faith
and reasonably believed to be conforming to a rule, form, or order of
the commissioner under this article.
(f) A hearing in an administrative proceeding under this article must
be conducted in public unless the commissioner finds a statutory basis
that would allow the hearing to be closed to the public.

Legislative History

As added by P.L.27-2007, SEC.23. Amended by P.L.230-2007, SEC.19; P.L.3-2008, SEC.172; P.L.152-2020, SEC.8.