Tennessee § 48-1-115 - Administration.

§ 48-1-115. Administration.

The administration of this part shall be vested in the commissioner. The commissioner, as authorized by the governor, shall appoint a director or assistant commissioner of securities and may delegate to such director or assistant commissioner of securities, by rule, such of the commissioner's powers and duties hereunder as are appropriate for the protection of investors and the efficient administration of this part. The commissioner has the authority to employ attorneys, auditors, examiners, investigative agents, clerks and stenographers and other professional and clerical employees as the proper administration of this part may require. The commissioner, or any persons employed by the commissioner, shall be paid, in addition to their regular compensation, the transportation fare, board, lodging, and other traveling expenses necessary and actually incurred by each of them in the performance of their duties under this part. The revenues collected by the commissioner under this part are for the purpose of defraying a portion of the expenses incurred by the commissioner in the administration of this part. Such fees shall be payable in addition to other fees and taxes now required by law and shall be expendable receipts for the use of the commissioner in defraying a portion of the cost of the administration of this part. It is unlawful for the commissioner or any of the commissioner's officers or employees to use for personal benefit any information which is filed with or obtained by the commissioner and which is not made public. No provision of this part authorizes the commissioner or any of the commissioner's officers or employees to disclose any such information except among themselves or when necessary or appropriate in a proceeding or investigation under this part. No provision of this part either creates or derogates from any privilege which exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to the commissioner or any of the commissioner's officers or employees. The commissioner may designate filing depositories for all records required to be filed and maintained under this part. These records may be maintained in original form or by means of microfilm, microfiche, microphotographic reproduction, photographic reproduction, word processing, computerization, or other acceptable reproductive methods. The commissioner is further authorized to participate, in whole or in part, in the Central Registration Depository systems Web Central Registration Depository (Web CRD) and Web Investment Advisers Registration Depository (IARD), in cooperation with the Financial Industry Regulatory Authority (FINRA) or any successor regulatory entity, the North American Securities Administrators Association (NASAA), other states, the United States, and other entities, to the extent the commissioner deems participation as being in the public interest and necessary for the protection of investors. The commissioner is further authorized to participate, in whole or in part, in securities registration depository systems, in cooperation with NASAA, other states, the United States, and other entities, to the extent the commissioner deems participation as being in the public interest and necessary for the protection of investors. Acts 1980, ch. 866, § 15; T.C.A., § 48-16-115 ; Acts 1985, ch. 26, § 4; 1996, ch. 1072, § 7; 2001, ch. 61, § 14; 2010, ch. 697, §§ 1, 3; T.C.A. § 48-2-115 ; Acts 2017, ch. 424, § 39. Code Commission Notes. Former § 48-2-115 was transferred to § 48-1-115 by the code commission in 2012. Compiler's Notes. The Securities Law of 1955, formerly codified as §§ 48-1601 — 48-1653, was repealed by Acts 1980, ch. 886, § 27. However, the section also contained a savings provision referring to former §§ 48-1601 — 48-1653 which read: “(b) Prior law exclusively governs all suits, actions, prosecutions, or proceedings which are pending or may be initiated on the basis of facts or circumstances occurring before the effective date of this Act, except that no civil suit or action may be maintained to enforce any liability under prior law unless brought within any period of limitation which applied when the cause of action accrued and in any event within two years after the effective date of this Act. “(c) All effective registrations under prior law, all administrative orders relating to such registrations, and all conditions imposed upon such registrations remain in effect so long as they would have remained in effect if this Act had not been passed. They are considered to have been filed, entered, or imposed under this Act, but are governed by prior law. “(d) Prior law applies in respect of any sale made within one year after the effective date of this Act pursuant to an offering exempt under prior law which offering was begun in good faith before such effective date. “(e) Judicial review of all administrative orders as to which review proceedings have not been instituted by the effective date of this Act are governed by Section 20, except that no review proceeding may be instituted unless the petition is filed within any period of limitation which applied to a review proceeding when the order was entered and in any event within 60 days after the effective date of this Act.” The effective date of the Act was July 2, 1980. Acts 2001, ch. 61, § 1 provided that the act shall be cited as “The Securities Omnibus Act of 2001.” Cross-References. Appointment of personnel by commissioner, § 4-4-106 . Reorganization of divisions, § 4-4-101 .