reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 7 - Broker-Dealers › Section 7-8 - Expiration and renewal of registration

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-4-6
Sec. 8.
(a) All
				broker-dealer registrations expire January 1 of each year.
(b) Renewal applications shall be accepted
				after November 1 and prior to January 1 of the following year. No renewal
				applications shall be accepted after January 1. Renewal applications become
				effective by operation of law thirty (30) days after filing unless sooner
				approved by the commissioner. During the period after the broker-dealer
				registration has expired (January 1) and before the effectiveness of the
				renewal application, the broker-dealer shall have no authority to transact
				securities business.
(c) The
				commissioner may designate a central depository for filing of applications and
				renewals by broker-dealers that are members of a national securities
				association.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 8 - Agents › Section 8-1 - Licensure; dual registration

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-4
Sec. 1.
(a) The
				broker-dealer or issuer with whom an agent is employed must certify on the
				agent's application that the applicant is in all respects qualified to be
				licensed.
(b) An agent of an issuer
				may sell only those securities that are actually issued by that issuer. He or
				she may not take securities in trade except as provided in the
				prospectus.
(c) An agent of a
				broker-dealer may buy and sell only the securities being bought and sold for
				and through that broker-dealer. He or she may not buy and sell securities
				without acting through the broker-dealer with whom he or she is
				licensed.
(d) No person may
				register as an agent of more than one (1) broker-dealer unless the written
				consent of each the brokerdealer to the dual registration is filed with the
				commissioner.
(e) The commissioner
				may designate a central depository for filing of applications and renewals by
				agents of broker-dealers who are members of a national securities association.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 8 - Agents › Section 8-2 - Examination for licensure

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 2.
(a) Unless
				specifically exempt, as provided in subsection (e), an agent examination in the
				form and content prescribed or approved by the commissioner must be taken and
				passed by every agent in order to test his or her knowledge of the securities
				business and state securities laws before the applicant will be considered
				eligible for registration.
(b) The
				commissioner shall establish or approve the standards for a minimum acceptable
				passing grade in determining each applicant's qualifications for registration
				under this section.
(c) Upon
				failure to receive a minimum passing grade, the applicant may retake the
				examination on the next date available. In the event of a second failure or
				failure to take or retake the examination within a thirty (30) day period from
				the date the application was filed, this will be considered sufficient grounds
				for denial of the agent application and an order denying the registration may
				be entered by the commissioner. The applicant will be considered ineligible for
				licensing during a period of three (3) months, at which time a new application
				may be filed and his or her eligibility reexamined. The original filing fee
				shall not be refunded nor applied to subsequent applications for registration
				under this subsection.
(d) An
				application shall be deemed incomplete until there is a showing of compliance
				with the examination requirement or an exemption from those
				requirements.
(e) The examination
				requirements may be waived by a proper showing or certification that the
				applicant:
(1) is not to be actively engaged
				in the general sales of securities;
(2) has within the preceding two (2) years
				taken an examination in the form and content approved by the commissioner and
				has passed the examination with the minimum acceptable passing grade for agent
				applicants;
(3) has taken an
				examination in the form and content approved by the commissioner and,
				thereafter, prior to making the application, has remained continuously in the
				securities business, duly licensed by another state; or
(4) was properly registered as an agent
				within the two (2) years immediately preceding the date of application.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 8 - Agents › Section 8-3 - Notice of changes in circumstances

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-4-6
Sec. 3.
(a) Every
				agent or applicant shall immediately notify the division in writing of any
				material changes in any:
(1)
				information;
(2) exhibits;
				or
(3) schedules;
disclosed in his or her application. A correction amendment
				  shall be filed at the time of the occurrence or discovery of the change.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 8 - Agents › Section 8-4 - Expiration, renewal, and termination or suspension of registration

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 4.
(a) All agent
				registrations expire January 1 of each year.
(b) Renewal applications shall be accepted
				after November 1 and prior to January 1 of the following year. No renewal
				applications will be accepted after January 1. Renewal applications become
				effective by operation of law thirty (30) days after filing unless sooner
				approved by the commissioner. During that period after the agent registration
				has expired (January 1) and before the effectiveness of the renewal
				application, the agent shall have no authority to transact securities
				business.
(c) Termination or
				suspension of a broker-dealer or issuer registration for any reason shall
				automatically terminate or suspend the agent registration.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-1 - Investment adviser registration application

Current through July 10, 2024
Authority: IC 23-19-6-5
Affected: IC 23-19
Sec. 1.
(a) An
				application for registration as an investment adviser filed under IC 23-19 must
				be filed on Form ADV, the Uniform Application for Investment Adviser
				Registration promulgated by the U.S. Securities and Exchange Commission (SEC)
				at 17 CFR
				279.1, or any successor form, in accordance
				with the instructions contained therein, with the commissioner or with a
				central registration depository system designated by the commissioner. The
				application must include the following:
(1)
				Proof of compliance by the investment adviser with the examination requirements
				under section 6 of this rule unless exempted therein.
(2) The financial statements required by IC
				23-19 and section 12 of this rule, including a copy of the balance sheet for
				the most recent fiscal year prepared in accordance with generally accepted
				accounting principles.
(3) The fee
				required under IC 23-19.
(4)
				Consent to service of process required under IC 23-19.
(5) Any other information required under IC
				23-19 or these rules or requested by the commissioner.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-2 - Investment adviser representative application

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 2.
(a) An
				application for registration as an investment adviser representative under IC
				23-19 shall be filed on a Form U-4, the Uniform Application for Securities
				Industry Registration or Transfer, or any successor form, with the commissioner
				or with a central registration depository system designated by the
				commissioner. The application shall include the following:
(1) Proof of compliance by the investment
				adviser representative with the examination requirements of section 6 of this
				rule unless exempted herein.
(2)
				The fee required under IC 23-19.
(3) Consent to service of process required
				under IC 23-19.
(4) Any other
				information required by IC 23-19 or these rules or requested by the
				commissioner.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-3 - Termination or withdrawal from registration

Current through July 10, 2024
Authority: IC 23-19-6-5
Affected: IC 23-19
Sec. 3.
(a) Any
				investment adviser who does not wish to renew its registration under IC 23-19
				shall file with the commissioner, or with a central registration depository
				system designated by the commissioner, on or before December 31 of the year in
				which its current registration expires, a Form ADV-W, Notice of Withdrawal of
				Registration as an Investment Adviser promulgated by the SEC at
				17 CFR
				279.2, or any successor form prepared in
				accordance with the instructions.
(b) Any investment adviser who is no longer
				in existence or is not engaged in business as an investment adviser shall, upon
				the cessation, file with the commissioner or with a central registration
				depository system designated by the commissioner, a Form ADV-W or any successor
				form prepared in accordance with the instructions.
(c) Any investment adviser representative who
				does not wish to renew registration pursuant to IC 23-19 or who wishes to
				terminate a current registration shall file Form U-5, Uniform Termination
				Notice for Securities Industry Regulation, or any successor form with the
				commissioner or with a central registration depository system designated by the
				commissioner on or before December 31 of the year in which the current
				registration expires for nonrenewal or upon termination.
(d) Every notice filed under this rule shall
				become effective on the thirtieth day after filing or within a shorter period
				of time as the commissioner may determine. If prior to the effective date of a
				notice of withdrawal, the commissioner has instituted a proceeding to suspend
				or revoke registration or to impose terms or conditions upon withdrawal under
				IC 23-19, the notice of withdrawal shall not become effective except at the
				time and upon the terms and conditions as the commissioner deems necessary or
				appropriate in the public interest or for the protection of investors.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-4 - Incomplete and abandoned applications

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 4.
(a) An
				application for registration as an investment adviser or investment adviser
				representative is deficient if the application is not in proper form or the
				application is not in compliance with IC 23-19 or any other provision of this
				rule.
(b) When an application is
				found to be deficient, the commissioner may send a deficiency letter stating
				the grounds for noncompliance to the applicant and, if the applicant is an
				investment adviser representative, to the investment adviser who employs or
				proposes to employ the applicant. If no response is received by the
				commissioner from the applicant after sixty (60) days, the commissioner may
				issue a notice of intent to deny the application, under IC 23-19, stating that
				the commissioner proposes to issue an order denying the application.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-5 - Exemption for certain broker-dealers

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-5-2
Sec. 5.
(a) An
				investment adviser that is registered as a broker-dealer or agent shall be
				exempt from IC
				23-19-5-2 with respect to any
				transaction in which the broker-dealer or agent acts solely:
(1) by means of publicly distributed written
				materials or publicly made oral statements;
(2) by means of written materials or oral
				statements that do not purport to meet the objectives or needs of specific
				individuals or accounts;
(3)
				through the issuance of statistical information containing no expressions of
				opinion as to the investment merits of a particular security; or
(4) through any combination of the services
				in subdivisions (1) through (3).
However, the materials and oral statements must include a
				  statement that, if the purchaser of the advisory communication uses the
				  services of the investment adviser in connection with a sale or purchase of a
				  security that is a subject of the communication, the investment adviser may act
				  as principal for his or her own account or as agent for another person.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-6 - Examinations

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-4-12
Sec. 6.
(a) An
				examination or series of examinations in the form and content prescribed or
				approved by the commissioner must be taken and passed by every investment
				adviser and investment adviser representative.
(b) An investment adviser or investment
				adviser representative who wishes to rely on passage of any examination other
				than one prescribed by the commissioner under this section or who wishes to
				request a waiver of the examination requirements established by the
				commissioner under this section must submit a written request for consideration
				identifying:
(1) the examination in
				question;
(2) its
				content;
(3) the entity
				administering the examination; and
(4) the reason why a waiver should be granted
				by the commissioner.
Acceptance of the examination results or the waiver of the
				  examination is solely within the commissioner's discretion.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-7 - Books and records; maintenance

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 7.
Every investment adviser subject to IC 23-19 shall make and
				  keep true, accurate, and current the following books and records relating to
				  its investment advisory business:
(1)
				Journals, including cash receipts and disbursement records, and any other
				record of original entry forming the basis of entries in any ledger.
(2) General and auxiliary ledgers, or other
				comparable records, reflecting:
(A)
				asset;
(B) liability;
(C) reserve;
(D) capital;
(E) income; and
(F) expense accounts.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-8 - Supervision of investment adviser representatives and employees

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 8.
(a) Every
				investment adviser registered or required to be registered under IC 23-19 shall
				exercise diligent supervision over the investment advisory activities of its
				investment adviser representatives and employees. Each investment adviser
				representative and other office employees shall be subject to the supervision
				of a designated supervisor.
(b)
				Written procedures, a copy of which shall be kept in each business office,
				shall be maintained and enforced and shall set forth the standards and
				procedures adopted to comply with IC 23-19 and this rule, including, but not
				limited to, the following:
(1) Administrative
				review and written approval of all new client accounts.
(2) Periodic examination of client accounts
				to detect and prevent irregularities or abuse.
(3) Prompt administrative review of all
				customer complaints.
(4) Prompt
				administrative review of correspondence pertaining to the solicitation and
				execution of any securities transactions effected on behalf of
				clients.
(5) The review and written
				approval, by the designated supervisor, of the delegation by any client of
				discretionary investment authority with respect to his or her account, and the
				frequent, periodic examination of all the discretionary accounts to prevent
				irregularities or abuses.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-9 - Written disclosure statements

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 9.
(a) An
				investment adviser shall furnish each advisory client and prospective advisory
				client with a written disclosure statement, which may be either a copy of Part
				II of Form ADV or a written document containing at least the information
				required by Part II of Form ADV.
(b) Except as provided in this section, an
				investment adviser shall deliver the statement required by this section to an
				advisory client or prospective advisory client:
(1) not less than forty-eight (48) hours
				before entering into any written or oral investment advisory contract with the
				client; or
(2) at the time of
				entering into any the contract, if the advisory client has a right to terminate
				the contract without penalty within five (5) business days after entering into
				the contract.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-10 - Performance based compensation exemption

Current through July 10, 2024
Authority: IC 23-19-6-5
Affected: IC 23-19-5-2
Sec. 10.
(a) As used
				in this section, "affiliated person" has the meaning set forth in Section
				2(a)(3) of the federal Investment Company Act of 1940 (15 U.S.C.
				80a-2(a)(3))
				.
(b) As used in this section,
				"client's independent agent" means any person who agrees to act as an
				investment advisory client's agent in connection with the contract but does not
				include any of the following:
(1) The
				investment adviser relying on this section.
(2) An affiliated person of the investment
				adviser or an affiliated person of an affiliated person of the investment
				adviser including an investment adviser representative.
(3) An interested person of the investment
				adviser.
(4) A person who receives,
				directly or indirectly, any compensation in connection with the contract from:
(A) the investment adviser;
(B) an affiliated person of the investment
				adviser;
(C) an affiliated person
				of an affiliated person of the investment adviser; or
(D) an interested person of the investment
				adviser.
(5) A person
				with any material relationship between himself or herself, or an affiliated
				person of that person, and the investment adviser, or an affiliated person of
				the investment adviser, who exists or has existed at any time during the past
				two (2) years.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-11 - Certain transactions not deemed assignments

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-5-2
Sec. 11.
A transaction that does not result in a change of actual
				  control or management of an investment adviser is not an assignment for
				  purposes of section 18 of this rule.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-12 - Financial statements and reporting requirements for investment advisers

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 12.
(a) Every
				investment adviser required to be registered under IC 23-19 who has custody of
				client funds or securities for the purposes of acting as an investment adviser
				or who requires payment of advisory fees six (6) months or more in advance and
				in excess of five hundred dollars ($500) per client must file with the
				commissioner an audited balance sheet as of the end of the investment adviser's
				fiscal year. Each balance sheet filed under this section must be as follows:
(1) Examined in accordance with generally
				accepted auditing standards and prepared in conformity with generally accepted
				accounting principles.
(2) Audited
				by an independent public accountant or an independent certified public
				accountant.
(3) Accompanied by an
				opinion of the accountant as to the report of financial position and by a note
				stating the principles used to prepare it, the basis of included securities,
				and any other explanations required for clarity.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-14 - Agency cross transactions for advisory clients

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 14.
(a) As used
				in this section, "agency cross transactions for an advisory client" means a
				transaction in which a person acts as an investment adviser in relation to a
				transaction in which that investment adviser, or any person:
(1) controlling;
(2) controlled by; or
(3) under common control with that investment
				adviser;
acts as broker-dealer or agent for both the advisory client
				  and for another person on the other side of the transaction. When acting in
				  this capacity, the person is required to be registered as a broker-dealer or
				  agent in this state, unless excluded from the definition.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-15 - Dishonest or unethical practices

Current through July 10, 2024
Authority: IC 23-19-6-5
Affected: IC 23-19-4-12
Sec. 15.
(a)
				Investment advisers and investment adviser representatives are fiduciaries and
				have a duty to act primarily for the benefit of their clients. While the extent
				and nature of this duty varies according to the nature of the relationship
				between an investment adviser or an investment adviser representative and his
				or her clients and the circumstances of each case, an investment adviser or an
				investment adviser representative shall not engage in unethical or dishonest
				business practices. Each of the following actions or activities shall
				constitute an unethical or dishonest practice within the meaning of IC
				23-19-4-12(d)(13):
(1) Recommending to a
				client to whom investment supervisory, management, or consulting services are
				provided the purchase, sale, or exchange of any security without reasonable
				grounds to believe that the recommendation is suitable for the client on the
				basis of information furnished by the client after reasonable inquiry
				concerning:
(A) the client's investment
				objectives;
(B) the client's
				financial situation;
(C) the
				client's needs; and
(D) any other
				information known or acquired by the client's financial records as may be
				provided to the investment adviser.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-16 - Amendment of registration documents filed by investment advisers and investment adviser representatives

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 16.
(a) Any
				amendment required under IC 23-19 for an investment adviser shall be made on
				Form ADV or any successor form in the manner prescribed by that form.
(b) Any amendment required under IC 23-19 for
				an investment adviser representative shall be made on Form U-4 or any successor
				form in the manner prescribed by that form.
(c) If the information contained in the
				response to Items 1, 2, 3, 4, 5, 11, 13A, 13B, 14A, and 14B of Part I of any
				Form ADV application for registration as an investment adviser, or any
				amendment thereto or renewal thereof, becomes inaccurate or misleading for any
				reason or if the information contained in any response to any question in Items
				9 and 10 of Part I and all items of Part II (except Item 14) of any Form ADV
				application for registration as an investment adviser, or any amendment or
				renewal of the original filing, becomes materially inaccurate or misleading,
				the investment adviser shall promptly file an amendment on Form ADV correcting
				the information.
(d) For all other
				changes not designated in subsection (c), the investment adviser shall file an
				amendment on Form ADV correcting the information along with the application for
				renewal registration described in IC 23-19 on or before December 31 in the
				calendar year in which the changes occur.
(e) If any of the information contained on
				Form U-4 becomes inaccurate or misleading for any reason, the investment
				adviser representative shall promptly file a new U-4 correcting the
				information.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-17 - Refunds

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-4-12
Sec. 17.
Investment advisers and investment adviser representatives
				  shall not advertise or represent to clients that subscriptions, fees, or other
				  payments will be refunded to clients if they are not satisfied unless
				  the:
(1) advertisement or
				representation to refund is clear and unequivocal and based not on the merit or
				success of the service, but on the client's satisfaction with the services;
				and
(2) investment adviser's
				financial capability is adequate to ensure its ability to meet all refund
				demands.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 9 - Investment Advisers › Section 9-18 - Unlawful practices; investment advisers and investment adviser representatives

Current through July 10, 2024
Authority: IC 23-19-6-5
Affected: IC 23-19-5
Sec. 18.
(a) It is
				unlawful for an investment adviser or an investment adviser representative who
				receives consideration, directly or indirectly, from another person for
				advising the other person as to the value of securities or their purchase or
				sale, whether through the issuance of analyses or reports or otherwise to:
(1) employ a device, scheme, or artifice to
				defraud the other person;
(2)
				engage in an act, practice, or course of business that operates or would
				operate as a fraud or deceit upon the other person; or
(3) knowingly sell to or purchase from a
				client a security when the investment adviser or investment adviser
				representative is acting as principle for the adviser's or the representative's
				own account, or knowingly sell to or purchase for the account of a client a
				security when the investment adviser or investment adviser representative is
				acting as a broker for a person other than the client without:
(A) disclosing to the client in writing
				before the completion of the sale or purchase the fact that the investment
				adviser or investment adviser representative is acting as a broker for a person
				other than the client; and
(B)
				obtaining consent from the client for the sale or purchase.
The prohibitions of this subdivision do not apply to a
				  transaction with a client of a broker-dealer if the broker-dealer is not acting
				  as an investment adviser in the transaction.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 10 - Standards of Practice › Section 10-1 - Dishonest and unethical practices

Current through July 10, 2024
Authority: IC 23-19-6-5
Affected: IC 23-19
Sec. 1.
Dishonest and unethical practices within the meaning of IC
				  23-19-4-12 shall include, but not be limited to, the following:
(1) Concerning securities transactions, to
				represent, agree, or guarantee, directly or by implication, in writing or
				orally, to resell or repurchase securities in an:
(A) offer;
(B) purchase; or
(C) sale;
except for securities issued by an investment company
				  registered under the Investment Company Act of 1940.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 10 - Standards of Practice › Section 10-2 - Senior-specific certifications and designations

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-4-12
Sec. 2.
(a) The use
				of a senior specific certification or designation by any person in connection
				with the offer, sale, or purchase of securities or the provision of advice as
				to the value of or the advisability of investing in, purchasing, or selling
				securities, either directly or indirectly, through publications or writings, or
				by issuing or promulgating analyses or reports relating to securities, that
				indicates or implies that the user has special certification or training in
				advising or servicing senior citizens or retirees in such a way as to mislead
				any person shall be a dishonest and unethical practice in the:
(1) securities;
(2) commodities;
(3) investment;
(4) franchise;
(5) banking;
(6) finance; or
(7) insurance;
business within the meaning of IC
				  23-19-4-12.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 11 - Financial Statements › Section 11-1 - Financial statements

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 1.
All financial statements required to be filed under IC 23-19
				  and this article shall be prepared in accordance with generally accepted
				  accounting principles.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 11 - Financial Statements › Section 11-2 - Certified financial statements

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 2.
All financial statements required under IC 23-19 and this
				  article to be certified or audited shall be based on an examination made in
				  accordance with generally accepted auditing standards.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 11 - Financial Statements › Section 11-3 - Qualification of accountants

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 3.
All accountants whose reports are filed as part of a
				  financial statement under IC 23-19 and this article shall be duly registered in
				  Indiana or another state as a certified public accountant or public accountant.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 11 - Financial Statements › Section 11-4 - Change of accountants

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 4.
(a) An issuer
				with an offering registered by qualification shall notify the commissioner in
				writing, within five (5) business days of the removal, of the independent
				accountant who was previously engaged to audit the issuer's financial
				statements.
(b) The notification
				required under subsection (a) shall include a statement of whether:
(1) there has been any disagreement with the
				former accountant on any matter of:
(A)
				accounting principles or practices;
(B) financial statement disclosure;
				or
(C) auditing scope or procedure;
that if not resolved to the satisfaction of the former
				  accountant would have caused it to make reference to the subject matter of the
				  disagreement in connection with its report;
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-1 - Scope of rule

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 1.
These rules of practice are generally applicable to
				  proceedings before the division and particularly to hearings before the
				  commissioner or any other authorized representative of the division. They do
				  not apply to investigations.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-2 - Appearance and practice before division

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 2.
(a) In a
				proceeding before the division, the following applies:
(1) An individual may appear on his or her
				own behalf.
(2) A member of a
				partnership may represent the partnership.
(3) A bona fide officer of a trust or
				association may represent the trust or association.
(4) An officer or employee of a state
				commission or of a department or political subdivision of a state may represent
				the state commission or the department or political subdivision of the
				state.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-3 - Notice of proceedings and hearings

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 3.
(a) In cases
				in which the division is the moving party, a notice of the initiation of
				proceedings shall be given to each respondent by any manner of service provided
				for service of summons in actions at law under the Indiana Rules of Trial
				Procedure, or as otherwise provided by law.
(b) The parties or persons entitled to notice
				shall be:
(1) timely informed of the nature of
				the legal authority and jurisdiction under which the proceeding has been
				initiated; and
(2) furnished a
				short and simple statement of the matter of fact and law to be considered and
				determined.
In proceedings in which an answer is directed under section 5
				  of this rule, the order for proceeding shall set forth the action proposed and
				  the factual and legal basis alleged in detail as will permit a specific
				  response.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-4 - Default entry

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 4.
If:
(1) any person
				who is named in an order for proceeding as one against whom findings may be
				made or sanctions imposed does not file a notice of appearance in the
				proceeding within fifteen (15) days after service of the order for proceeding
				(unless a different period is specified in the order); or
(2) he or she fails to appear at a hearing of
				which he or she has been duly notified;
the person shall be deemed in default and the proceeding may
				  be determined against the person upon consideration of the order for
				  proceeding, the allegations of which may be deemed to be true. For purposes of
				  this section, an answer shall constitute a notice of appearance.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-5 - Answers

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 5.
(a) In any
				order for proceeding, the commissioner may direct that:
(1) any party respondent shall file an answer
				to the allegations contained in the order for proceeding; and
(2) any party in the proceeding may file an
				answer.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-6 - Settlement offers

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-5-9
Sec. 6.
(a) Parties
				may propose in writing offers of settlement that shall be submitted to and
				considered by the commissioner where:
(1)
				time;
(2) the nature of the
				proceeding; and
(3) the public
				interest;
permit. The offers may be made at any time, prior to the
				  entry of a final order, including prior to the initiation of proceedings. Where
				  the commissioner deems it appropriate, he or she may also give the party making
				  the offer an opportunity to make an oral presentation to the
				  commissioner.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-7 - Prehearing conferences

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 7.
(a) Prior to
				a hearing or at any other time during the course of any proceeding, to the
				extent practicable, where time, the nature of the proceeding, and public
				interest permit, the commissioner or other representative of the division
				conducting the hearing may, at the request of any party or upon his or her own
				motion, hold conferences for the purpose of clarifying and simplifying issues
				by consent of the parties, including, where practical and reasonable,
				considering the following:
(1) The possibility
				of obtaining stipulations and admissions of facts and of authenticity and
				contents of documents that will avoid unnecessary proof.
(2) Expediting the presentation of
				evidence.
(3) The exchange of
				copies of proposed exhibits.
(4)
				Any other matters as will promote a fair and expeditious hearing or aid in the
				disposition of the proceeding.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-8 - Parties to proceedings; limited participation; intervention

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-4-12
Sec. 8.
(a) Any
				interested official, department, commission, municipality, or other political
				subdivision of the state of Indiana, the Securities and Exchange Commission, or
				other interested:
(1)
				representative;
(2)
				agency;
(3) authority; or
(4) instrumentality;
of the United States may become a party to any proceeding by
				  filing a written motion.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-9 - Consolidation

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 9.
By order of the commissioner proceedings involving a common
				  question of law or fact may be:
(1)
				joined for hearing of any or all the matters in issue; or
(2) consolidated.
The commissioner may make orders concerning the conduct of
				  the proceedings as may tend to avoid unnecessary costs or delay.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-10 - Evidence

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 10.
(a) All
				witnesses at a hearing for the purpose of taking evidence shall testify under
				oath or affirmation, which shall be administered by the commissioner or other
				representative of the division conducting the hearing. Every party shall have
				the right to present the oral or documentary evidence and to conduct the
				cross-examination as may be required for a full and true disclosure of the
				facts. The hearing officer shall:
(1) receive
				relevant and material evidence;
(2)
				rule upon offers of proof; and
(3)
				exclude all:
(A) irrelevant;
(B) immaterial; or
(C) unduly repetitious;
evidence.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-11 - Discovery

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 11.
To the extent practical, any party to a proceeding shall be
				  entitled to use the discovery provisions of T.R. 26 through 37 of the Indiana
				  Rules of Trial Procedure upon written application to the
				  commissioner.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-12 - Proposed findings and conclusions; briefs

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 12.
In any proceeding involving a hearing or any opportunity for
				  hearing, the parties may file, in writing, proposed findings and conclusions.
				  Briefs in support of the proposals may be included, and any proposed finding or
				  conclusion not briefed may be regarded by the commissioner as
				  waived.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 12 - Division Proceedings › Section 12-13 - Summary judgment

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-6; IC
				  23-19-6-4
Sec. 13.
(a) A party
				may, at any time fifteen (15) days after the commencement of an action, move
				for a summary judgment in the party's favor as to all or any part of the issues
				in a proceeding. The motion:
(1) may be
				supported with affidavits or other evidence permitted under this section;
				and
(2) must set forth specific
				facts showing that there is not a genuine issue of fact in dispute.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 13 - Records and Investigations › Section 13-1 - Inspection of records

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-4-11; IC
				  23-19-6-2
Sec. 1.
All records of the division shall be available for public
				  inspection at the office of the division during business hours, except the
				  following that shall not be made public:
(1) Records relating to complaints made to
				the division and records relating to investigations of the division.
(2) Information or documents obtained by the
				officers or employees of the division in the course of any examination or
				investigation under IC
				23-19-6-2(a)  and
				compliance reports filed under IC
				23-19-4-11(g) 
				shall, unless made a matter of public record, be deemed confidential. Officers
				and employees of the division shall not make the confidential information or
				documents available to anyone other than a member, an officer, or an employee
				of:
(A) the secretary of state's
				office;
(B) the division;
				or
(C) any other regulatory or law
				enforcement agency;
unless the secretary of state or commissioner authorized the
				  disclosure of the information or the production of the documents as not being
				  contrary to the public interest.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 13 - Records and Investigations › Section 13-2 - Complaints where division not moving party

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-6
Sec. 2.
(a) Any
				person may submit to the division a complaint concerning the activities of an
				issuer, broker-dealer, or agent.
(b) Complaints shall be made in writing and
				shall be signed and verified by the person making the complaint. The complaint
				should include a succinct, definite statement of the facts on which it is
				based, including the:
(1) names and addresses
				of the persons involved;
(2) dates
				of the events complained of; and
(3) nature of the interest of the person
				making the complaint.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-1 - Scope

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 1.
This rule applies to investigations and examinations
				  conducted by the division under IC 23-19.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-2 - Information obtained during the course of investigations

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 2.
(a)
				Information or documents obtained by the division in the course of any
				investigation, unless the information or documents are published by the
				division pursuant to its authority under IC 23-19, shall be deemed nonpublic.
				Upon the acceptance of an access request letter, the information and documents
				may be disclosed to the following:
(1)
				Representatives of domestic or foreign governmental authorities.
(2) Self-regulatory agencies.
(3) State or federal law enforcement
				officers.
(4) State securities law
				administrators.
(5) Special
				counsels.
(6) Trustees in
				bankruptcy.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-3 - Applicability

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 3.
(a) This rule
				is applicable to a person who appears:
(1)
				voluntarily;
(2) pursuant to an
				administrative investigative subpoena or administrative order; or
(3) at the request of, or with the permission
				of, the division.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-4 - Official transcript

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 4.
Transcripts, if any, of investigative proceedings shall be
				  recorded solely by:
(1) the official
				reporter; or
(2) any other person
				or means designated by the officer conducting the investigation.
There shall be one (1) official transcript of a witness's
				  testimony, which shall be the property of the division. Except as provided by
				  section 5 of this rule, any other contemporaneous, verbatim transcription by
				  writing or recording, in any form and in any media, shall be prohibited.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-5 - Access to transcripts

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 5.
Any witness and counsel, upon proper identification and
				  after giving reasonable prior notice, shall have the right to inspect the
				  official transcript of the witness's own testimony at the division's office
				  during normal business hours, but neither the witness, nor counsel for the
				  witness, shall have the right to remove, copy by any manner, or order a copy of
				  the official transcript without authorization by the commissioner.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-6 - Access to documentary evidence

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 6.
(a) A person
				complying with any:
(1) request;
(2) order; or
(3) subpoena;
issued by the division for the production of documentary
				  evidence shall retain the originals.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-7 - Witnesses; representation by counsel

Current through July 10, 2024
Authority: IC 23-19-6-5
Affected: IC 23-19
Sec. 7.
A witness may be:
(1) accompanied;
(2) represented; and
(3) advised;
by counsel, as defined in
				  710 IAC 4-12-2. In order to
				  protect the integrity of any investigation, the commissioner may, in the
				  reasonable exercise of the commissioner's discretion, prohibit multiple
				  representations by counsel and may prohibit representation by counsel who is
				  likely to become a witness during the course of either the investigation itself
				  or any legal proceedings expected to ensue upon the investigation's conclusion.