80A.25 RULES, FORMS AND ORDERS.
    Subdivision 1. Commissioner's general authority. The commissioner may from time to
time make, amend, and rescind such rules, forms, and orders as are necessary to carry out the
provisions of sections 80A.01 to 80A.31, including but not limited to rules and forms governing
the conduct of business by broker-dealers, agents and investment advisers, registration statements,
applications, and reports, and defining any terms, whether or not used in sections 80A.01 to
80A.31, insofar as the definitions are not inconsistent with the provisions of sections 80A.01 to
80A.31. For the purpose of rules and forms, the commissioner may classify securities, persons,
and matters within the commissioner's jurisdiction, and prescribe different requirements for
different classes.
    Subd. 2. Scope of authority. No rule, form or order may be made, amended or rescinded
unless the commissioner finds that the action is necessary or appropriate in the public interest
or for the protection of investors and consistent with the purposes fairly intended by the policy
and provisions of sections 80A.01 to 80A.31. In prescribing rules and forms the commissioner
may cooperate with 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, application, and reports wherever practicable.
    Subd. 3. Financial statements. The commissioner may by rule or order prescribe (a) the
form and content of financial statements required under sections 80A.01 to 80A.31, (b) the
circumstances under which consolidated financial statements shall be filed, and (c) 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 principles
unless otherwise permitted by rule or order.
    Subd. 4. Publishing of rules and forms. All rules and forms of the commissioner shall be
published.
    Subd. 5. Good faith exception to liability. No provision of sections 80A.01 to 80A.31
imposing any liability applies to any act done or omitted in good faith in conformity with any
rule, form, or order of the commissioner, 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amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
History: 1973 c 451 s 25; 1986 c 444
NOTE: This section is repealed by Laws 2006, chapter 196, article 1, section 51, effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.