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June 19th, 2006
Securities Commissioner’s Enforcement Powers Broadened
Act 361 of 2006 gives the Louisiana Commissioner of Securities the power to assess civil monetary penalties of up to $5,000 per violation, plus costs, against any person who violates the Louisiana Securities Law. Before this, the Commissioner believed he only had power to issue cease and desist orders.
Perhaps in an effort to provide more compliance guidance in view of the new enforcement powers, the Act also allows the Commissioner to issue written interpretative opinions and grant so-called no-action letters. Oral opinions may also be given but they are binding on the Commissioner only if they are “accurately and promptly” confirmed in writing by the requesting person.
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