Section 51:710 - Commissioner of securities; powers of commissioner and employees; compensation and expenses; assistant commissionerA.(1) The administration of the provisions of this Part shall be vested in the commissioner of financial institutions, who is designated commissioner of securities. Whenever the governor issues a declaration of emergency, the commissioner shall have in addition to those powers enumerated in this Part any power necessary and appropriate to perform his duties under this Part as well as the power necessary and appropriate to prevent or terminate any condition which he may reasonably deem to create an emergency relative to the registration of issuers, dealers, salesmen, investment advisers, and securities, or any other matters regulated under this Part. The commissioner, from time to time, may make, amend, and rescind rules, forms, compliance agreements, and orders as are necessary to carry out the provisions of this Part, where such action is consistent with the public interest and with the purpose fairly intended by the policy and provisions of this Part.(2) In addition to the above authority, the commissioner shall also have the following specifically enumerated powers: (a) He may honor requests from interested parties for interpretative opinions and may issue written no-action determinations that he will not institute proceedings against certain specified persons for engaging in certain specified activities when the determination is consistent with the purposes fairly intended by the policy and provisions of this Part. Oral or informal opinions provided by the commissioner's staff as to the applicability of any provision of this Part and oral or informal representations by the staff concerning the status of filings made with the commissioner's office are not considered binding upon the commissioner unless accurately and promptly confirmed in writing by the party requesting such oral or informal opinion or representation.(b) In addition to the authority granted in R.S. 51:711(A)(3), he may cause to be published information regarding any orders or rules issued by him in the implementation of his duties, including, without limitation, information pertaining to specific orders denying registration or prohibiting the sale of securities and the persons offering to sell or selling such securities.B. The commissioner shall have the authority to administer oaths in and to prescribe forms for all matters arising under this Part. The commissioner shall cooperate with the administrators of the securities laws of other states and of the United States with a view to assisting those administrators in the enforcement of their securities laws and to achieving maximum uniformity in the interpretation of like provisions of the laws administered by them and in the forms which are required to be filed under such laws.C. The commissioner shall have authority to employ examiners, clerks and stenographers, and other employees as the administration of that portion of this Part vested in him may require. The commissioner shall also have authority to appoint and employ investigators whose salaries shall be fixed by the commissioner with the approval of the governor and who shall have, in any case that there is reason to believe a violation of this Part has occurred or is about to occur, the right and power to serve subpoenas and to swear out and execute search warrants and arrest warrants. The commissioner shall designate one of the investigators as chief state investigator and this person shall act at the will of the commissioner to perform any duty required by him as commissioner of financial institutions and commissioner of securities.D. The commissioner shall have the power to make such rules and regulations from time to time as he may deem necessary and proper for the enforcement of this Part. Such rules and regulations shall be adopted, promulgated and contested as provided in the Administrative Procedure Act.E. The commissioner or any persons employed by him shall be paid, in addition to their regular compensation, the transportation fare, board, lodging, and other traveling expenses necessarily and actually incurred by each of them in the performance of their duties under this Part.F. The commissioner shall appoint, with the approval of the governor, a person as deputy commissioner and delegate such of his powers and duties under this Part to such deputy commissioner as he desires.G. The commissioner shall appoint, with the approval of the governor, an attorney whose salary shall be fixed by the commissioner with the approval of the governor.H. The commissioner may designate filing depositories for all records required to be filed and maintained under this Part. Such records may be maintained in original form or by means of microfilm, microfiche, microphotographic reproduction, photographic reproduction, word processing, computerization, or other acceptable reproductive methods. The commissioner is further authorized to participate, in whole or in part, in a Central Registration Depository (CRD) or similar system, in cooperation with the Financial Industry Regulatory Authority, other states, and the United States, to the extent he deems participation to be in the public interest of this state.Acts 1985, No. 722, §1; Acts 2006, No. 361, §1, eff. June 13, 2006; Acts 2010, No. 7, §4, eff. May 19, 2010.Acts 1985, No. 722, §1; Acts 2006, No. 361, §1, eff. 6/13/2006; Acts 2010, No. 7, §4, eff. 5/19/2010.