17-12a605. Rules, forms, orders, interpretive opinions and hearings.
17-12a605
17-12a605. Rules, forms, orders, interpretive
opinions and hearings.
(a) Issuance and adoption of forms, orders, and
rules. The administrator may:
(1) 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;
(2) by rule, define terms, whether or not used in this act, but
those definitions may not be inconsistent with this act; and
(3) by rule, classify securities, persons, and transactions and
adopt different requirements for different classes.
(b) Findings and cooperation. Under this act, a rule or form
may 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 act. In adopting, amending, and repealing rules and forms,
K.S.A. 17-12a608, and amendments thereto, 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) 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 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:
(1) 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;
(2) whether unconsolidated financial statements must be filed;
and
(3) whether required financial statements must be audited by
an independent certified public accountant.
(d) Interpretative opinions. The administrator may provide
interpretative opinions or issue determinations that the
administrator 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 administrator will not institute an action
or a proceeding under this act.
(e) Effect of compliance. No provision of this act imposing any
liability applies to any act done or omitted in good faith in
conformity with any rules and regulations, form, or order of the
commissioner, notwithstanding that the rules and regulations, form
or order may later be amended, revoked or rescinded or be determined
by judicial or other authority to be invalid for any reason.
(f) Presumption for public hearings. A hearing in an
administrative proceeding under this act must be conducted in public
unless the administrator for good cause consistent with this act
determines that the hearing will not be so conducted.
History: L. 2004, ch. 154, § 44; July 1, 2005.