Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 7 - STATE SECURITIES BOARD
Chapter 101 - GENERAL ADMINISTRATION
Section 101.2 - Classification of Regulatory Standards

Universal Citation: 7 TX Admin Code § 101.2

Current through Reg. 50, No. 13; March 28, 2025

(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.

Disclaimer: These regulations may not be the most recent version. Texas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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