Compilation of Rules and Regulations of the State of Georgia
Department 590 - RULES OF OFFICE OF SECRETARY OF STATE
Chapter 590-4 - COMMISSIONER OF SECURITIES
Subject 590-4-1 - GENERAL PROVISIONS
Rule 590-4-1-.10 - Enforcement Procedures
Current through Rules and Regulations filed through March 20, 2024
(1) Formal Orders of Investigation. The Commissioner may, at any time, whether based upon a complaint, referral, tip or other information and belief, issue a formal order of investigation that shall commence such public or private investigation within or outside this State, as he or she deems necessary, to determine whether any person has violated or is about to violate the Act or any Rule, Regulation, or order created under the Act or to aid in the enforcement of the Act or in the prescribing of Rules and Regulations thereunder. However, a formal order of investigation is not necessary for the Commissioner to commence an investigation.
(2) Referrals. The Commissioner may, at any time, whether by complaint or otherwise, or based on information or belief, transmit a civil or criminal referral investigative report and evidence of violations of the Act to any federal or state regulator, prosecutor or other appropriate law enforcement agency for the purpose of instituting any necessary civil or criminal proceedings.
(3) Appointment of an auditor, examiner, or regulatory monitor. In addition to those administrative sanctions the Commissioner may impose pursuant to Code Section 10-5-73, the Commissioner may issue an order for the appointment of an individual qualified by education and experience as an auditor, examiner, or regulatory monitor and assess the costs incurred to the person or entity that is the subject of the audit, examination or regulatory monitoring.
(4) Report of Examination or Inspection. The Commissioner, within his or her sole discretion, may accept or reject such examination or inspection, in whole or in part. If the report is accepted, the Commissioner shall file said report in the public records of the Commissioner. The Commissioner may, within his or her sole discretion, accept or reject, in whole or in part, the recommendations of the independent examiner.
(5) Emergency Orders. Notwithstanding any other provision of the Act or the Rules, an emergency order under this Rule is effective on the date of issuance, provided that:
Upon issuance of the order, the Commissioner shall promptly serve each person subject to the order with a copy of the order and a notice that the order has been entered. The order must include a statement of any administrative sanction(s) that the Commissioner will seek, a statement of the reasons for the order, and notice that, upon the request by any respondent named in the emergency order, a hearing will be promptly scheduled. If a person subject to the order does not request a hearing, and the Commissioner orders no hearing within thirty (30) days after the date of service of the order, the order shall become final as to that person by operation of law. If a hearing is requested by any person subject to the emergency order, or is ordered by the Commissioner, after notice and opportunity for hearing has been served upon each person subject to the emergency order, the Commissioner may modify, vacate, or extend the emergency order any time prior to a final determination.
O.C.G.A. Secs. 10-5-10, 10-5-13, 10-5-70, 10-5-71.
