2006 Minnesota Statutes

80A.82 SECTION 605; RULES, FORMS, ORDERS, INTERPRETATIVE 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 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) Findings and cooperation. Under this chapter, 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 chapter. In adopting, amending, and repealing
rules and forms, section 80A.85 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 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 Section 15(h) of the Securities Exchange Act and Section 222 of the Investment
Advisors Act of 1940, 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) Interpretative opinions. The administrator may provide interpretative opinions or
issue determinations that the administrator 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
administrator will not institute an action or a proceeding under this chapter.
    (e) Effect of compliance. 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 administrator under this chapter.
    (f) Presumption for public hearings. A hearing in an administrative proceeding under this
chapter must be conducted in public unless the administrator for good cause consistent with this
chapter determines that the hearing will not be so conducted.
History: 2006 c 196 art 1 s 42
NOTE: This section, as added by Laws 2006, chapter 196, article 1, section 42, is effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.