-Administrator CAN make and amend state blue sky rules
-state legislators not administrators make state securities laws
Case Study
-Iowa Administrator says companies that register their securities in Iowa must publish financial statements in a specific form
-Administrator did not publish because too long
Verdict:
-USA lets Administrator issue rules and orders
-Iowa Administrator was good to design form and content for financial statements
-Iowa Administrator broke USA by not publishing ALL rules and orders
Administrator Authority
-conduct investigations
-issue subpoenas
-investigation under public scrutiny
-1. Require statements in writing, under oath as to all matters relating to the issue under investigation
-2. Publish and make public facts and circumstances of investigated issue
-3. Subpoena witnesses, make them testify
-4. Take evidence and require books, paper, correspondence to be made
Jurisdiction
-If State A Administrator wants to investigate b/d registered in state A with main office in state B, he can go within normal business hours. No appointment.
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