Rules, forms, orders, interpretive opinions, and hearings.
409.6-605. (a) The commissioner may:
(1) Issue forms and orders and, after notice and comment, may adoptand amend rules necessary or appropriate to carry out this act and mayrepeal 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 thosedefinitions may not be inconsistent with this act; and
(3) By rule, classify securities, persons, and transactions and adoptdifferent requirements for different classes.
(b) Under this act, a rule or form may not be adopted or amended, oran order issued or amended, unless the commissioner finds that the rule,form, order, or amendment is necessary or appropriate in the publicinterest or for the protection of investors and is consistent with thepurposes intended by this act. In adopting, amending, and repealing rulesand forms, section 409.6-608 applies in order to achieve uniformity amongthe states and coordination with federal laws in the form and content ofregistration 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 andSection 222 of the Investment Advisers Act of 1940, the commissioner mayrequire that a financial statement filed under this act be prepared inaccordance with generally accepted accounting principles in the UnitedStates and comply with other requirements specified by rule adopted ororder issued under this act. A rule adopted or order issued under this actmay establish:
(1) Subject to Section 15(h) of the Securities Exchange Act andSection 222 of the Investment Advisors Act of 1940, the form and content offinancial statements required under this act;
(2) Whether unconsolidated financial statements must be filed; and
(3) Whether required financial statements must be audited by anindependent certified public accountant.
(d) The commissioner may provide interpretative opinions or issuedeterminations that the commissioner will not institute a proceeding or anaction under this act against a specified person for engaging in aspecified act, practice, or course of business if the determination isconsistent with this act. A rule adopted or order issued under this actmay establish a reasonable charge for interpretative opinions ordeterminations that the commissioner will not institute an action or aproceeding under this act.
(e) A penalty under this act may not be imposed for, and liabilitydoes not arise from conduct that is engaged in or omitted in good faithbelieving it conforms to a rule, form, or order of the commissioner underthis act.
(f) A hearing in an administrative proceeding under this act must beconducted in public unless the commissioner for good cause consistent withthis act determines that the hearing will not be so conducted.
(g) Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is created under the authority delegated in this actshall become effective only if it complies with and is subject to all ofthe provisions of chapter 536, RSMo, and, if applicable, section 536.028,RSMo. This section and chapter 536, RSMo, are nonseverable and if any ofthe powers vested with the general assembly pursuant to chapter 536, RSMo,to review, to delay the effective date or to disapprove and annul a ruleare subsequently held unconstitutional, then the grant of rulemakingauthority and any rule proposed or adopted after August 28, 2003, shall beinvalid and void.
Rules, forms, orders, interpretive opinions, and hearings.
409.6-605. (a) The commissioner may:
(1) Issue forms and orders and, after notice and comment, may adoptand amend rules necessary or appropriate to carry out this act and mayrepeal 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 thosedefinitions may not be inconsistent with this act; and
(3) By rule, classify securities, persons, and transactions and adoptdifferent requirements for different classes.
(b) Under this act, a rule or form may not be adopted or amended, oran order issued or amended, unless the commissioner finds that the rule,form, order, or amendment is necessary or appropriate in the publicinterest or for the protection of investors and is consistent with thepurposes intended by this act. In adopting, amending, and repealing rulesand forms, section 409.6-608 applies in order to achieve uniformity amongthe states and coordination with federal laws in the form and content ofregistration 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 andSection 222 of the Investment Advisers Act of 1940, the commissioner mayrequire that a financial statement filed under this act be prepared inaccordance with generally accepted accounting principles in the UnitedStates and comply with other requirements specified by rule adopted ororder issued under this act. A rule adopted or order issued under this actmay establish:
(1) Subject to Section 15(h) of the Securities Exchange Act andSection 222 of the Investment Advisors Act of 1940, the form and content offinancial statements required under this act;
(2) Whether unconsolidated financial statements must be filed; and
(3) Whether required financial statements must be audited by anindependent certified public accountant.
(d) The commissioner may provide interpretative opinions or issuedeterminations that the commissioner will not institute a proceeding or anaction under this act against a specified person for engaging in aspecified act, practice, or course of business if the determination isconsistent with this act. A rule adopted or order issued under this actmay establish a reasonable charge for interpretative opinions ordeterminations that the commissioner will not institute an action or aproceeding under this act.
(e) A penalty under this act may not be imposed for, and liabilitydoes not arise from conduct that is engaged in or omitted in good faithbelieving it conforms to a rule, form, or order of the commissioner underthis act.
(f) A hearing in an administrative proceeding under this act must beconducted in public unless the commissioner for good cause consistent withthis act determines that the hearing will not be so conducted.
(g) Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is created under the authority delegated in this actshall become effective only if it complies with and is subject to all ofthe provisions of chapter 536, RSMo, and, if applicable, section 536.028,RSMo. This section and chapter 536, RSMo, are nonseverable and if any ofthe powers vested with the general assembly pursuant to chapter 536, RSMo,to review, to delay the effective date or to disapprove and annul a ruleare subsequently held unconstitutional, then the grant of rulemakingauthority and any rule proposed or adopted after August 28, 2003, shall beinvalid and void.
Rules, forms, orders, interpretive opinions, and hearings.
409.6-605. (a) The commissioner may:
(1) Issue forms and orders and, after notice and comment, may adoptand amend rules necessary or appropriate to carry out this act and mayrepeal 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 thosedefinitions may not be inconsistent with this act; and
(3) By rule, classify securities, persons, and transactions and adoptdifferent requirements for different classes.
(b) Under this act, a rule or form may not be adopted or amended, oran order issued or amended, unless the commissioner finds that the rule,form, order, or amendment is necessary or appropriate in the publicinterest or for the protection of investors and is consistent with thepurposes intended by this act. In adopting, amending, and repealing rulesand forms, section 409.6-608 applies in order to achieve uniformity amongthe states and coordination with federal laws in the form and content ofregistration 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 andSection 222 of the Investment Advisers Act of 1940, the commissioner mayrequire that a financial statement filed under this act be prepared inaccordance with generally accepted accounting principles in the UnitedStates and comply with other requirements specified by rule adopted ororder issued under this act. A rule adopted or order issued under this actmay establish:
(1) Subject to Section 15(h) of the Securities Exchange Act andSection 222 of the Investment Advisors Act of 1940, the form and content offinancial statements required under this act;
(2) Whether unconsolidated financial statements must be filed; and
(3) Whether required financial statements must be audited by anindependent certified public accountant.
(d) The commissioner may provide interpretative opinions or issuedeterminations that the commissioner will not institute a proceeding or anaction under this act against a specified person for engaging in aspecified act, practice, or course of business if the determination isconsistent with this act. A rule adopted or order issued under this actmay establish a reasonable charge for interpretative opinions ordeterminations that the commissioner will not institute an action or aproceeding under this act.
(e) A penalty under this act may not be imposed for, and liabilitydoes not arise from conduct that is engaged in or omitted in good faithbelieving it conforms to a rule, form, or order of the commissioner underthis act.
(f) A hearing in an administrative proceeding under this act must beconducted in public unless the commissioner for good cause consistent withthis act determines that the hearing will not be so conducted.
(g) Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is created under the authority delegated in this actshall become effective only if it complies with and is subject to all ofthe provisions of chapter 536, RSMo, and, if applicable, section 536.028,RSMo. This section and chapter 536, RSMo, are nonseverable and if any ofthe powers vested with the general assembly pursuant to chapter 536, RSMo,to review, to delay the effective date or to disapprove and annul a ruleare subsequently held unconstitutional, then the grant of rulemakingauthority and any rule proposed or adopted after August 28, 2003, shall beinvalid and void.
