West Virginia Code of State Rules Agency 111 - Securities Commission
1. Overview: Agency 111 — West Virginia Securities Commission
The West Virginia Securities Commission is the state agency responsible for regulating securities offerings, broker-dealers, investment advisers, and protecting investors within West Virginia.
The Commission's core mission includes:
Enforcing the West Virginia Securities Act.
Licensing and registering securities professionals and companies.
Investigating and prosecuting securities fraud.
Educating the public and investors about securities laws and safe investment practices.
2. Organization and Governance
The Securities Commission is governed by a Commissioner appointed under state law.
Staff includes examiners, investigators, and administrative personnel.
The agency operates under the authority granted by the West Virginia Securities Act and related state rules codified under Agency 111.
The Commission holds hearings, conducts investigations, and issues orders as part of its regulatory functions.
3. Powers and Responsibilities (West Virginia Code and Rules)
Under West Virginia Code of State Rules Agency 111, the Commission has the authority to:
Register securities offerings and require filings to ensure disclosure.
License broker-dealers, agents, investment advisers, and their representatives operating in West Virginia.
Conduct examinations and audits of registrants for compliance.
Investigate complaints and suspected violations of securities laws.
Enforce compliance by issuing cease and desist orders, imposing penalties, or seeking injunctions.
Hold administrative hearings and adjudicate disputes.
Adopt rules necessary to implement the securities laws.
Provide investor education programs.
4. Procedural Rules (Agency 111 of West Virginia Code of State Rules)
The Code sets forth procedures on:
Registration applications for securities and licenses.
Filing requirements and disclosures necessary for compliance.
Examination and investigation protocols.
Administrative hearings and appeals procedures.
Procedures for enforcement actions, including sanctions and fines.
Recordkeeping and reporting requirements for registrants.
Public access to information consistent with confidentiality rules.
5. Legal Status and Case Law (West Virginia Only)
The Securities Commission is recognized as the primary state regulator for securities within West Virginia.
West Virginia courts affirm the Commission’s authority to enforce securities laws and protect investors.
Cases involving the Commission often focus on:
Whether certain transactions qualify as securities under West Virginia law.
The scope of the Commission’s enforcement powers.
Due process in administrative hearings.
The Commission’s authority to impose penalties or revoke licenses.
Courts generally uphold the Commission’s actions when consistent with statutory authority and procedural fairness.
6. Summary Table
| Aspect | Description |
|---|---|
| Agency Name | West Virginia Securities Commission (Agency 111) |
| Purpose | Regulate securities and protect investors in West Virginia |
| Governance | Commissioner and staff appointed under state law |
| Powers | Registration, licensing, investigations, enforcement |
| Procedures | Applications, filings, hearings, enforcement actions |
| Legal Status | State regulatory agency with statutory enforcement authority |
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