Interested persons may request the administrator to issue an
interpretative opinion pursuant to Iowa Code section 5 02.605 (4). These
requests will be answered by means of a no-action letter. Requests for
confirmation of the availability of an exemption shall be answered in the same
manner. The following procedure is recommended for the submission of such
requests:
(1) The request should be in
writing and include the factual situation involved, a citation to the
applicable part of the rule or statute, and the question sought to be answered.
Any disclosure or informational materials which pertain to the issue should
also be filed.
(2) The
administrator, or any person delegated under Iowa Code section
502601(1)., may
respond to the request by determining to take or not to take a no-action
position or by declining to reach a determination due to insufficient facts,
conflicting case or administrative law or such other reasons as the
administrator's discretionary power allows.
(3) All no-action determinations shall be
based upon the representations made by the requesting party in the letter and
information filed, since any different facts or conditions might require a
different conclusion. The no-action letter shall express the administrator's
position on enforcement action only and shall not purport to express any legal
conclusion on the questions presented. No determination shall take a position
on whether or not any disclosure materials satisfactorily comply with the
antifraud and civil liability sections of the Act.
(4) A no-action determination issued under
this rule may be provided to interested persons for a filing fee of $100.
This rule is intended to implement Iowa Code section
502.605(4).
Notes
Iowa Admin. Code r. 191-50.3
Amended by
IAB
December 21, 2016/Volume XXXIX, Number 13, effective
1/25/2017
