Administration of Chapter; Commissioner of Securities; Authority

  1. Law
  2. Georgia Code
  3. Commerce and Trade
  4. Georgia Uniform Securities
  5. Administration
  6. Administration of Chapter; Commissioner of Securities; Authority

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  1. The administration of this chapter shall be vested in the Secretary of State, who is designated as the Commissioner of Securities.
  2. The Commissioner shall have the authority to administer oaths in and to prescribe forms for all matters arising under this chapter. The Commissioner shall cooperate with the administrators of the securities laws of other states and of the United States with a view to assisting those administrators in the enforcement of their securities and investment adviser laws and to achieving maximum uniformity in the interpretation of like provisions of the laws administered by them and in the forms which are required to be filed under such laws.
  3. The Commissioner shall have authority to employ examiners, clerks and stenographers, and other employees as the administration of this chapter may require. The Commissioner shall also have authority to appoint and employ investigators who shall have, in any case that there is reason to believe a violation of this chapter has occurred or is about to occur, the right and power to serve subpoenas and to swear out and execute search warrants and arrest warrants.
  4. The Commissioner shall have the power to make such rules and regulations from time to time as he or she may deem necessary and proper for the enforcement of this chapter. Such rules and regulations shall be adopted, promulgated, and contested as provided in Chapter 13 of Title 50, the "Georgia Administrative Procedure Act."
  5. 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 chapter.
  6. The Commissioner shall appoint, with the approval of the Governor, a person as assistant Commissioner and delegate such powers and duties under this chapter to such assistant Commissioner as he or she desires.
  7. To encourage uniform interpretation and administration of this chapter and effective securities regulation and enforcement, the Commissioner may cooperate with the securities agencies or administrators of one or more states, Canadian provinces or territories, another country, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Securities Investor Protection Corporation, any self-regulatory organization, any national or international organization, securities officials or agencies, or any governmental law enforcement or regulatory agency. The cooperation authorized may include, but is not limited to, participation in a central registration depository under this chapter for documents or records required or allowed to be maintained under this chapter and the designation of any such system as an agent for registration or receipt.
  8. Neither the Commissioner, the assistant Commissioner, nor any employee of the Commissioner may use for personal gain or benefit information filed with or obtained by the Commissioner which is not public information nor may the Commissioner, assistant Commissioner, or any employee of the Commissioner conduct securities dealings based upon information filed with or obtained by the Commissioner, even though such information is known to the public, if there has not been a sufficient period for the securities markets to assimilate the information.
  9. This chapter does not create or diminish a privilege or exemption that exists at common law, by statute or rule, or otherwise.
  10. The Commissioner may develop and implement investor education initiatives to inform the public about investing in securities, with particular emphasis on the prevention and detection of securities fraud. In developing and implementing these initiatives, the Commissioner may collaborate with public and nonprofit organizations with an interest in investor education. This subsection does not authorize the Commissioner to require participation or monetary contributions of a registrant in an investor education program.

(Code 1981, §10-5-70, enacted by Ga. L. 2008, p. 381, § 1/SB 358.)

Cross references.

- Authority of Secretary of State to employ assistants to discharge functions imposed by chapter, § 45-13-25.

JUDICIAL DECISIONS

Editor's notes.

- In light of the similarity of the statutory provisions, decisions under former O.C.G.A. § 10-5-21, which was subsequently repealed but was succeeded by provisions in this Code section, are included in the annotations for this Code section.

Constitutionality.

- Former O.C.G.A. § 10-5-21 was not unconstitutional for precluding counterclaims against the state Commissioner of Securities because immunity from suit is a legislative prerogative, and the legislature prescribed the terms and conditions upon which the state agreed to be sued. Womack v. State, 270 Ga. 56, 507 S.E.2d 425 (1998) (decided under former O.C.G.A. § 10-5-21).

OPINIONS OF THE ATTORNEY GENERAL

Editor's notes.

- In light of the similarity of the statutory provisions, an opinion under former Ga. L. 1957, p. 134, as amended, which was subsequently repealed but was succeeded by provisions in this Code section, is included in the annotations for this Code section.

Secretary of State may not retain fees.

- Fees collected by the Secretary of State as the commissioner of securities must be paid to the Fiscal Division of the Department of Administrative Services (now the Office of Treasury and Fiscal Services), and such fees may not be retained by the office of Secretary of State as reimbursements for the expenses of that office. 1969 Op. Att'y Gen. No. 69-13 (decided under Ga. L. 1957, p. 134).

RESEARCH REFERENCES

Am. Jur. 2d.

- 69A Am. Jur. 2d, Securities Regulation - State, §§ 69, 77 et seq.

C.J.S.

- 79A C.J.S., Securities Regulation and Commodity Futures Trading Regulation, § 522 et seq.


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