(a)The secretary of state may:
(i)Issue forms and orders and, after notice and
comment, may adopt and amend rules necessary or appropriate to
carry out this act and may repeal rules, including rules and
forms governing registration statements, applications, notice
filings, reports, and other records;
(ii)By rule, define terms, whether or not used in
this act, but those definitions may not be inconsistent with
this act; and
(iii)By rule, classify securities, persons, and
transactions and adopt different requirements for different
classes.
(b)Under this act, a rule or form may not be adopted or
amended, or an order issued or amended, unless the secretary of
state finds that the rule, form, order, or amendment is
necessary or appropriate in the public interest or for the
protection of in
Free access — add to your briefcase to read the full text and ask questions with AI
(a) The secretary of state may:
(i) Issue forms and orders and, after notice and
comment, may adopt and amend rules necessary or appropriate to
carry out this act and may repeal rules, including rules and
forms governing registration statements, applications, notice
filings, reports, and other records;
(ii) By rule, define terms, whether or not used in
this act, but those definitions may not be inconsistent with
this act; and
(iii) By rule, classify securities, persons, and
transactions and adopt different requirements for different
classes.
(b) Under this act, a rule or form may not be adopted or
amended, or an order issued or amended, unless the secretary of
state 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 act. In adopting, amending, and repealing rules
and forms, W.S. 17-4-608 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.
(c) Subject to section 15(h) of the Securities Exchange
Act and section 222 of the Investment Advisers Act of 1940, the
secretary of state may require that a financial statement filed
under this act 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 act. A rule adopted or order issued under this act may
establish:
(i) 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 act;
(ii) Whether unconsolidated financial statements must
be filed; and
(iii) Whether required financial statements must be
audited by an independent certified public accountant.
(d) The secretary of state may provide interpretative
opinions or issue determinations that the secretary of state
will not institute a proceeding or an action under this act
against a specified person for engaging in a specified act,
practice, or course of business if the determination is
consistent with this act. A rule adopted or order issued under
this act may establish a reasonable charge for interpretative
opinions or determinations that the secretary of state will not
institute an action or a proceeding under this act.
(e) A penalty under this act may 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 secretary of state under this act.
(f) A hearing in an administrative proceeding under this
act must be conducted in public unless the secretary of state
for good cause consistent with this act determines that the
hearing will not be so conducted.