Official Comments

Prior Provisions: RUSA Sections 602, 712.

1. Section 604, unlike Section 603, may be initiated by the administrator without prior judicial process or a prior hearing. The section, among other matters, empowers the administrator to act summarily in appropriate circumstances.

2. Sections 603 and 604 are intended to be available to the administrator against persons not subject to stop orders under Section 306 or proceedings against registered broker-dealers, agents, investment advisers, or investment adviser representatives under Section 412. All persons or securities not subject to Section 306 or 412 will be subject to Sections 603 and 604. A person must be covered by either (1) Sections 306 or 412 or (2) Sections 603 or 604.

3. Service of an order or notice under this Section is not effective unless made in accordance with Section 611.

Maine Comments

1. Section 16604(4): Maine has added the administrator's power to censure and bar in order to maintain the administrative enforcement authority found in the Revised Maine Securities Act.

2. Section 16604(8): Maine has added this subsection on appointment of a presiding officer based on a provision in the Revised Maine Securities Act. It allows for greater administrative efficiency and fairness in the administrative hearing process.

§16605.__Rules, forms, orders, interpretative opinions and hearings

1.__Issuance and adoption of forms, orders and rules.__In addition to specific authority granted elsewhere in this chapter, the administrator may:

A.__Issue forms and orders and, after notice and comment, adopt and amend rules necessary or appropriate to carry out this chapter and may repeal rules, including rules and forms