(a) The Administrator may:
(1) issue forms and orders, and after notice and comment, may adopt and amend rules pursuant to Title 3, Chapter 35, Virgin Islands Code, necessary or appropriate to carry out this chapter, and may repeal rules, including rules and forms governing registration statements, applications, notice filings, reports, and other records;
(2) by rule, define terms, whether or not used in this chapter, but those definitions may not be inconsistent with this chapter; and
(3) by rule, classify securities, persons, and transactions and adopt different requirements for different classes.
(b) A rule or form may not be adopted or amended, or an order issued or amended under this chapter, unless the Administrator finds that the rule, form, order, or amendment is necessary or appropriate in the public interest or for the protection of investors and is consistent with the purposes intended by this chapter. In adopting, amending, and repealing rules and forms, section 668 applies in order to achieve uniformity among the States and coordination with federal laws in the form and content of registration statements, applications, reports, and other records, including in the adoption of uniform rules, forms, and procedures.
(c) Subject to Section 15(h) of the Securities Exchange Act and Section 222 of the Investment Advisers Act of 1940, the Administrator may require that a financial statement filed under this chapter be prepared in accordance with generally accepted accounting principles in the United States and comply with other requirements specified by rule or order under this chapter. A rule or order under this chapter may establish:
(1) subject to Section 15(h) of the Securities Exchange Act and Section 222 of the Investment Advisors Act of 1940, the form and content of financial statements required under this chapter;
(2) whether unconsolidated financial statements must be filed; and
(3) whether required financial statements must be audited by an independent certified public accountant.
(d) The Administrator may provide interpretative opinions or may issue determinations that the Administrator will not institute proceeding or action under this chapter against a specified person for engaging in a specified act, practice, or course of business if the determination is consistent with the purposes intended by this chapter. A rule or order under this chapter may assess a reasonable charge for interpretative opinions or determinations that the Administrator will not institute an action or a proceeding under this chapter.
(e) A penalty under this chapter may not be imposed for, and liability does not arise from conduct that is engaged in or omitted in good faith believing it conforms to a rule, form, or order of the Administrator under this chapter.
(f) A hearing in an administrative proceeding under this chapter must be conducted in public unless the Administrator for good cause consistent with the purposes intended by this chapter determines that the hearing shall not be so conducted.