SEC. 75-71-109. Rules, forms, orders and hearings.
(a) The Secretary of State may from time to time make, amend and rescind such rules, forms and orders as are necessary to carry out the provisions of this chapter, including rules and forms governing registration statements, applications and reports, and defining any terms, whether or not used in this chapter, insofar as the definitions are not inconsistent with the provisions of this chapter. For the purpose of rules and forms, the Secretary of State may classify securities, persons and matters within his jurisdiction, and prescribe different requirements for different classes. The Secretary of State may by rule adopt exemptions from the registration requirements of Sections 75-71-301 and 75-71-401 where such exemptions are consistent with the public interest and with the purpose fairly intended by the policy and provisions of this chapter.
(b) No rule, form or order may be made, amended or rescinded unless the Secretary of State finds that the action is necessary or appropriate in the public interest or for the protection of investors and consistent with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 this chapter. In prescribing rules and forms the Secretary of State may cooperate with the securities administrators of the other states and the securities and exchange commission with a view to effectuating the policy of this chapter to achieve maximum uniformity in the form and content of registration statements, applications and reports wherever practicable.
(c) The Secretary of State may by rule or order prescribe (1) the form and content of financial statements required under this chapter, (2) the circumstances under which consolidated financial statements shall be filed, and (3) 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 practices.
(d) All rules and forms of the Secretary of State shall be published.
(e) No provision of this chapter imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form or order of the Secretary of State, notwithstanding that the rule, form or order may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
(f) Every hearing in an administrative proceeding shall be public unless the Secretary of State in his discretion grants a request joined in by all the respondents that the hearing be conducted privately.
SOURCES: Laws, 1981, ch. 521, Sec. 412; 1987, ch. 477, Sec. 2, eff from and after July 1, 1987.
1997 Amendment:
Section 75-71-109, Mississippi Code of 1972, is amended as follows:
75-71-109. (a) The Secretary of State may from time to time make, amend and rescind such rules, forms and orders as are necessary to carry out the provisions of this chapter, including rules and forms governing registration statements, fees, applications and reports, and defining any terms, whether or not used in this chapter, insofar as the definitions are not inconsistent with the provisions of this chapter. For the purpose of rules and forms, the Secretary of State may classify securities, persons and matters within his jurisdiction, and prescribe different requirements for different classes. The Secretary of State may by rule adopt exemptions from the registration requirements of Sections 75-71-301 and 75-71-401 where such exemptions are consistent with the public interest and with the purpose fairly intended by the policy and provisions of this chapter.
(b) No rule, form or order may be made, amended or rescinded unless the Secretary of State 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 this chapter. In prescribing rules and forms the Secretary of State may cooperate with the securities administrators of the other states and the securities and exchange commission with a view to effectuating the policy of this chapter to achieve maximum uniformity in the form and content of registration statements, applications and reports wherever practicable.
(c) The Secretary of State may by rule or order prescribe (1) the form and content of financial statements required under this chapter, (2) the circumstances under which consolidated financial statements shall be filed, and (3) 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 practices.
(d) All rules and forms of the Secretary of State shall be published.
(e) No provision of this chapter imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form or order of the Secretary of State, 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.
(f) Every hearing in an administrative proceeding shall be public unless the Secretary of State in his discretion grants a request joined in by all the respondents that the hearing be conducted privately.
SOURCE: 1997 Laws, Chapter 480, Sec, 2, HB1124, Effective March 27, 1997.