Sec. 45.56.670. Regulations, forms, orders, interpretative opinions, and hearings.

425 words·~2 min read·/ak/title-45/chapter-56/45-56-670

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The administrator may

(1)issue forms and orders; after notice and comment, adopt and amend regulations necessary or appropriate to carry out this chapter; and repeal regulations, including regulations and forms governing registration statements, applications, notice filings, reports, and other records;

(2)by regulation, define terms, whether or not used in this chapter, but those definitions may not be inconsistent with this chapter; and

(3)by regulation, classify securities, persons, and transactions and adopt different requirements for different classes.

(b)Under this chapter, a regulation or form may not be adopted or amended, or an order issued or amended, unless the administrator finds that the regulation, 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 regulations and forms, AS 45.56.630 applies 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. 78o(i) and 80b-18a, 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 regulation adopted or order issued under this chapter. A regulation adopted or order issued under this chapter may establish

(1)subject to 15 U.S.C. 78o(i) and 80b-18a, 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 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 regulation 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)A hearing in an administrative proceeding under this chapter shall be conducted in public unless the administrative law judge or the administrator for good cause consistent with this chapter determines that the hearing may not be conducted in public.

(f)AS 44.62 (Administrative Procedure Act) applies to all regulations adopted or authorized under this chapter.