§ 5608. Uniformity and cooperation with other agencies
(a) The Commissioner shall, in his or her discretion, cooperate, coordinate, consult,
and, subject to section 5607 of this chapter, share records and information with the
securities regulator of another state, Canada, a Canadian province or territory, a
foreign jurisdiction, the Securities and Exchange Commission, the U.S. Department
of Justice, the Commodity Futures Trading Commission, the Federal Trade Commission,
the Securities Investor Protection Corporation, a self-regulatory organization, a
national or international organization of securities regulators, a federal or state
banking and insurance regulator, and a governmental law enforcement agency to effectuate
greater uniformity in securities matters among the federal government, self-regulatory
organizations, states, and foreign governments.
(b) In cooperating, coordinating, consulting, and sharing records and information under
this section and in acting by rule, order, or waiver under this chapter, the Commissioner
shall, in his or her discretion, take into consideration in carrying out the public
interest the following general policies:
(1) maximizing effectiveness of regulation for the protection of investors;
(2) maximizing uniformity in federal and state regulatory standards; and
(3) minimizing burdens on the business of capital formation, without adversely affecting
essentials of investor protection.
(c) The cooperation, coordination, consultation, and sharing of records and information
authorized by this section includes:
(1) establishing or employing one or more designees as a central depository for registration
and notice filings under this chapter and for records required or allowed to be maintained
under this chapter;
(2) developing and maintaining uniform forms;
(3) conducting a joint examination or investigation;
(4) holding a joint administrative hearing;
(5) instituting and prosecuting a joint civil or administrative proceeding;
(6) sharing and exchanging personnel;
(7) coordinating registrations under sections 5301 and 5401 through 5404 of this chapter
and exemptions under section 5203 of this chapter;
(8) sharing and exchanging records, subject to section 5607 of this chapter;
(9) formulating rules, statements of policy, guidelines, forms, and interpretative opinions
and releases;
(10) formulating common systems and procedures;
(11) notifying the public of proposed rules, forms, statements of policy, and guidelines;
(12) attending conferences and other meetings among securities regulators, which may include
representatives of governmental and private sector organizations involved in capital
formation, deemed necessary or appropriate to promote or achieve uniformity; and
(13) developing and maintaining a uniform exemption from registration for small issuers,
and taking other steps to reduce the burden of raising investment capital by small
businesses. (Added 2005, No. 11, § 1, eff. July 1, 2006.)