Indiana Administrative Code Title 710 - SECURITIES DIVISION
Here’s a detailed overview of Indiana Administrative Code Title 710 – Securities Division, highlighting the key components and standards:
🏛️ Structure of Title 710
According to the LII/Legal Information Institute, Title 710 is organized into four Articles:
Article 1 – General Provisions (Rules 710 IAC 1‑1 to 1‑22)
Article 2 – Supervision of Continuing Care Contracts (Rules 710 IAC 2‑1 to 2‑6)
Article 3 – Business Takeover Offers (Rule 710 IAC 3‑1)
Article 4 – Uniform Securities (Rules 710 IAC 4‑1 to 4‑15)
🔍 Notable Provisions in Article 4 – Uniform Securities
1. Definitions (710 IAC 4‑1‑1)
Provides definitions for key terms like "affiliate," "branch office," "associated person," and "office of supervisory jurisdiction" – essential for interpreting subsequent rules
2. Broker–Dealer Rules (710 IAC 4‑7)
Covers:
Safe harbor provisions and registration exams (4‑7‑1, 4‑7‑2)
Books, recordkeeping, and reporting (4‑7‑3, 4‑7‑4)
Requirements for principal and branch offices—including supervision, notification, and compliance systems (4‑7‑5 to 4‑7‑6)
Renewal of registration, with annual expiration on January 1 and a strict November 1–January 1 renewal window
3. Merit Standards (710 IAC 4‑6)
Defines permissible conduct for securities offerings, including limitations on commissions, standards for options and warrants, and prohibitions on unfair practices
4. Investment Advisor Regulations (710 IAC 4‑9)
Specifies:
Registration requirements, exams, and disclosures
Books and record maintenance (Section 9‑7 requires journals, ledgers, trade memoranda, reconciliations, and communications records)
Supervision, custody, fiduciary duties, and prohibitions on unethical or dishonest practices
5. Standards of Practice (710 IAC 4‑10‑1)
Enumerates dishonest or unethical practices—such as misrepresentation, unauthorized trading, churning, insider trading, and excessive markups—and underscores supervisory responsibilities
⚖️ Other Articles (2 & 3)
Article 2 regulates securities aspects of “continuing care contracts” (e.g., retirement facility agreements).
Article 3 sets rules for takeover offers and related corporate transactions.
(Currently, my sources emphasize Article 4; you'd need to reference the SOS regulatory portal or Indiana’s rulemaking docket for full text of Articles 2 and 3.)
✅ Summary
Title 710 governs the regulation of securities activities in Indiana, detailing:
How broker‑dealers and investment advisers operate and report
Ethical standards and prohibited practices
Definitions and structural rules for offices, supervision, and recordkeeping
📌 How I Can Assist Further
Locate exact language (e.g., supervisory requirements under 4‑7‑6, unethical conduct rules)
Dive into Article 2 or 3, including continuing care or takeover offer provisions
Help find how to submit comments or track pending rule changes via the Indiana Securities Division rulemaking docket
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