Print
The Vermont Statutes Online
Title
09
:
Commerce and Trade
Chapter
150
:
SECURITIES ACT
Subchapter
006
:
ADMINISTRATION AND JUDICIAL REVIEW
§
5605. Rules, forms, orders, interpretative opinions, and hearings
(a) The
Commissioner may:
(1) issue forms
and orders and, after notice and comment and in accordance with the provisions
of 3 V.S.A. chapter 25 (Administrative Procedure Act), 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;
(2) by rule,
define terms, whether or not used in this chapter, but those definitions may
not be inconsistent with this chapter; and
(3) by rule,
classify securities, persons, and transactions and adopt different requirements
for different classes.
(b) Under this
chapter, 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 chapter. In
adopting, amending, and repealing rules and forms, section 5608 of this chapter
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
15 U.S.C. § 80b-15(h) and 15 U.S.C. § 80b-222, the Commissioner 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:
(1) subject to
15 U.S.C. § 80b-15(h), the form and content of financial statements required
under this chapter;
(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 in the Commissioner's sole discretion provide interpretative
opinions or issue determinations that the Commissioner 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 Commissioner will not institute an action
or a proceeding under this chapter.
(e) A penalty
under this chapter 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 Commissioner under this chapter.
(f) A hearing in
an administrative proceeding under this chapter must be conducted in public
unless the Commissioner for good cause consistent with this chapter determines
that the hearing will not be so conducted. (Added 2005, No. 11, § 1, eff. July
1, 2006.)