§ 78C-30. Rules, forms, orders, and hearings. - North Carolina Statutes

§ 78C‑30.  Rules, forms,orders, and hearings.

(a)        The Administratormay from time to time make, amend, and rescind such rules, forms, and orders asare necessary to carry out the provisions of this Chapter, including rules andforms governing registration, applications, and reports, and defining anyterms, whether or not used in this Chapter, insofar as the definitions are notinconsistent with the provisions of this Chapter. For the purpose of rules andforms the Administrator may classify persons, and matters within hisjurisdiction, and prescribe different requirements for different classes.

(b)        No rule, form, ororder may be made, amended, or rescinded unless the Administrator finds thatthe action is necessary or appropriate in the public interest or for theprotection of investors and clients and consistent with the purposes fairlyintended by the policy and provisions of this Chapter. In prescribing rules andforms the Administrator may cooperate with the securities administrators of theother states and the Securities and Exchange Commission with a view toeffectuating the policy of this statute to achieve maximum uniformity in theform and content of registrations, applications, and reports whereverpracticable.

(c)        The Administratormay by rule or order prescribe (i) the form and content of financial statementsrequired under this Chapter, (ii) the circumstances under which consolidatedfinancial statements shall be filed, and (iii) whether any required financialstatements shall be certified by independent or certified public accountants.All financial statements required to be filed with the Administrator shall beaudited and shall be prepared in accordance with generally accepted accountingprinciples, except where the Administrator shall by rule or order provideotherwise.

(d)        The Administratormay by rule or order require the filing of any prospectus, pamphlet, circular,form letter, advertisement, or other sales literature or advertisingcommunication addressed or intended for distribution to prospective investors,including clients or prospective clients of an investment adviser.

(e)        All rules and formsof the Administrator shall be published.

(f)         No provision ofthis Chapter imposing any liability applies to any act done or omitted in goodfaith in conformity with any rule, form, or order of the Administrator,notwithstanding that the rule, form, or order may later be amended or rescindedor be determined by judicial or other authority to be invalid for any reason.

(g)        Every hearing in anadministrative proceeding shall be public unless the Administrator in hisdiscretion grants a request joined in by all the respondents that the hearingbe conducted privately. (1987 (Reg. Sess., 1988), c. 1098, s. 1; 2003‑413, s. 20.)