2005 Minnesota Statutes

     80A.25 Rules, forms and orders.  

    Subdivision 1.    Commissioner's general authority.  The 
 commissioner may from time to time 
 make, amend, and rescind such rules, forms, and orders as are 
 necessary to carry out the provisions of sections 80A.01 to 
 80A.31, including but not limited to rules and forms governing 
 the conduct of business by broker-dealers, agents and investment 
 advisers, registration statements, applications, and reports, 
 and defining any terms, whether or not used in sections 80A.01 
 to 80A.31, insofar as the definitions are not inconsistent with 
 the provisions of sections 80A.01 to 80A.31.  For the purpose of 
 rules and forms, the commissioner may classify securities, 
 persons, and matters within the commissioner's jurisdiction, and 
 prescribe different requirements for different classes.  

    Subd. 2.    Scope of authority.  No rule, form or order may be 
 made, amended or 
 rescinded unless the commissioner finds that the action is 
 necessary or appropriate in the public interest or for the 
 protection of investors and consistent with the purposes fairly 
 intended by the policy and provisions of sections 80A.01 to 
 80A.31.  In prescribing rules and forms the commissioner may 
 cooperate with securities administrators of the other states and 
 the Securities and Exchange Commission with a view to 
 effectuating the policy of this statute to achieve maximum 
 uniformity in the form and content of registration statements, 
 application, and reports wherever practicable.  

    Subd. 3.    Financial statements.  The commissioner may by rule 
 or order prescribe 
 (a) the form and content of financial statements required under 
 sections 80A.01 to 80A.31, (b) the circumstances under which 
 consolidated financial statements shall be filed, and (c) 
 whether any required financial statements shall be certified by 
 independent or certified public accountants.  All financial 
 statements shall be prepared in accordance with generally 
 accepted accounting principles unless otherwise permitted by 
 rule or order.  

    Subd. 4.    Publishing of rules and forms.  All rules and forms 
 of the commissioner shall be 
 published.  

    Subd. 5.    Good faith exception to liability.  No provision of 
 sections 80A.01 to 80A.31 
 imposing any liability applies to any act done or omitted in 
 good faith in conformity with any rule, form, or order of the 
 commissioner, notwithstanding that the rule, form, or order may 
 later be amended or rescinded or be determined by judicial or 
 other authority to be invalid for any reason.  

    HIST: 1973 c 451 s 25; 1986 c 444