Guam § 46412 - Rules, Forms, Orders and Hearings.

§ 46412. Rules, Forms, Orders and Hearings.

(a) The Administrator may, from time to time, make, amend, and

rescind such rules, forms, and orders as are necessary to carry out the

provisions of this Act, including rules and forms governing registration

statements, applications, and reports, and defining, any terms, whether or

not used in this Act, insofar as the definitions are not inconsistent with the

provisions of this Act. For the purpose of rules and forms, the Administrator

may classify securities, persons, and matters within his jurisdiction, and

prescribe different requirements for different classes.

(b) No rule, form, or order may be made, amended, or rescinded unless

the Administrator finds that the action is necessary or appropriate in the

public interest or for the protection of investors and consistent with the

purpose fairly intended by the policy and provisions of this Act. In

prescribing rules and forms the Administrator 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 statute to achieve

maximum uniformity in the form and content of registration statements,

applications, and reports wherever practicable.

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(c) The Administrator may by rule or order prescribe (1) the form and

content of financial statements required under this Act, (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 Administrator shall be published.

(e) No provision of this Act imposing any liability applies to any act

done or omitted in good faith in conformity with any rule, form, or order of

the Administrator, 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amended or rescinded or be determined by judicial or other authority to be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 Administrator in his discretion grants a request joined in by all the

respondents that the hearing be conducted privately.