| (a) Rules. Rules are regulatory standards adopted and
promulgated as herein required and shall be considered the highest
level of policy applied by the Board.
(b) Written administrative guidelines. Written administrative
guidelines are of the same level of policy as rules and will be adopted
in the same manner and have the same effect as rules.
(c) Forms. Forms are regulatory standards adopted for
the purpose of implementing the Texas Securities Act by prescribing
initial basic requirements for completing various applications and
reports filed with the Commissioner. The forms required by the Commissioner
are set forth in Chapter 133 of this title (relating to Forms) and
have the same force and effect as rules.
(d) Preliminary administrative suggestions. The commissioner
may also adopt preliminary administrative suggestions which will represent
those standards which are newly developed, only recently reduced to
writing, in the process of being modified, or otherwise considered
by the commissioner to be not yet suitable for general application
and promulgation and publication as rules or written administrative
guidelines. Such preliminary administrative suggestions may be implemented
at any time without publication or other notice and may be immediately
applied by the commissioner in the public interest or for the protection
of investors.
(e) Opinions. Statements made and opinions expressed
orally or in writing by personnel of the State Securities Board in
response to inquiries or otherwise, and not specifically identified
and promulgated as rules, shall not be considered regulatory standards
of the Board and shall not be considered binding upon the Commissioner
in connection with specific adjudications undertaken by the Commissioner
thereafter. The Commissioner may refuse to answer any question based
upon a hypothetical fact situation.
(f) Interpretations by General Counsel.
(1) The Board's General Counsel may respond to inquiries
concerning interpretations of the Texas Securities Act or these sections,
provided sufficient relevant facts are given and the situation is
not hypothetical. The General Counsel may refuse to respond to any
inquiry. Responses to inquiries may take the following forms:
(A) an opinion that no exemption appears available
in the specific fact situation;
(B) an opinion that the availability of specific exemption(s)
is questionable or doubtful in the specific fact situation;
(C) an opinion that, under the facts as stated by the
inquiring party, a specific exemption appears to be available; this
opinion must be followed by a caveat that:
(i) the agency does not grant nor confer the exemption
in question;
(ii) the exemption's availability depends entirely
upon the full compliance with the language of the exemption;
(iii) the Texas Securities Act, §4006.153, places
the burden of proof on the party claiming the exemption; and
(iv) opinions expressed are not binding upon civil
litigants in future proceedings;
(D) an explanation of relevant provisions of the Texas
Securities Act or Board rules;
(E) a statement that no interpretation will be expressed
with regard to a given fact situation; or
(F) a statement that the staff of the State Securities
Board will recommend no action to require registration in the specific
fact situation.
(2) A nonrefundable fee in the amount set forth in
the Texas Securities Act, §4006.058, must accompany each inquiry.
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| Source Note: The provisions of this §101.2 adopted to be effective January 1, 1976; amended to be effective October 30, 1985, 10 TexReg 4080; amended to be effective March 14, 1999, 24 TexReg 1768; amended to be effective July 6, 2023, 48 TexReg 3497 |
