Indiana Code 23-2-6-20. Waiver of requirements; qualified sellers; limitation on authority to engage in business
(b) The commissioner may by order deny, suspend, revoke, or limit a person’s authority to engage in business as a qualified seller under section 19 of this chapter if the commissioner determines that:
Terms Used In Indiana Code 23-2-6-20
- commissioner: refers to the securities commissioner appointed under IC 23-19-6-1(a). See Indiana Code 23-2-6-2
- commodity: means , except as otherwise specified by a rule, regulation, or order of the commissioner, any of the following:
Indiana Code 23-2-6-4
- Commodity Exchange Act: means the act of the United States Congress known as the Commodity Exchange Act (7 U. See Indiana Code 23-2-6-7
- Commodity Futures Trading Commission: means the independent regulatory agency established to administer the Commodity Exchange Act. See Indiana Code 23-2-6-8
- Fraud: Intentional deception resulting in injury to another.
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- person: means an individual, a corporation, a partnership, a limited liability company, an association, a joint-stock company, a trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government. See Indiana Code 23-2-6-14
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(2) the person, the person’s officers, directors, partners, agents, servants, or employees, any person occupying a similar status or performing similar functions, any person who directly or indirectly controls or is controlled by the person or other person listed in this subdivision, or the person’s affiliates or subsidiaries meet any of the following conditions:
(A) Has filed a notice of intention under section 19(c) of this chapter that:
(i) is incomplete in any material respect; or
(ii) contains a statement that, under the circumstances in which the statement was made, is false or misleading with respect to a material fact.
(B) Has during the preceding ten (10) years:
(i) pled guilty or nolo contendere to a crime; or
(ii) been convicted of a crime;
indicating a lack of fitness to engage in the investment commodity business.
(C) Has been permanently enjoined or temporarily enjoined by a court from engaging in or continuing any conduct or practice that indicates a lack of fitness to engage in the investment commodities business.
(D) Is the subject of an order of the commissioner denying, suspending, or revoking the person’s license as:
(i) a securities broker-dealer;
(ii) a sales representative; or
(iii) an investment adviser.
(E) Is the subject of any of the following orders that are in effect and that were issued during the preceding five (5) years.
(i) An order by the commissioner, by a securities agency or the securities administrator of any other state, Canadian province, or territory, by the Securities and Exchange Commission, or by the Commodity Futures Trading Commission, that was entered after notice and opportunity for hearing and that denied, suspended, or revoked the person’s registration as a futures commission merchant, commodity trading adviser, commodity pool operator, securities broker-dealer, sales representative, investment adviser, or any substantially similar occupation.
(ii) An order suspending or expelling the person from membership in or association with a self-regulatory organization registered under the Securities Exchange Act of 1934 or the Commodity Exchange Act.
(iii) A United States postal service fraud order.
(iv) A cease and desist order entered after notice and opportunity for hearing by a person described in item (i).
(v) An order entered by the Commodity Futures Trading Commission denying, suspending, or revoking registration under the Commodity Exchange Act.
(F) Has engaged in an unethical or dishonest act or practice in the investment commodities or securities business.
(G) Has failed to reasonably supervise sales representatives or employees.
As added by P.L.177-1991, SEC.10.