Title 10, Chapter 5, Section 10
(a) The administration of this chapter shall be vested in the
Secretary of State, who is designated commissioner of securities.
(b) The commissioner shall have the authority to administer oaths in
and to prescribe forms for all matters arising under this chapter.
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 and investment adviser 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 chapter vested in him may require. The
commissioner shall also have authority to appoint and employ
investigators who shall have, in any case that there is reason to
believe a violation of this chapter 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.
(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 chapter. Such rules and regulations
shall be adopted, promulgated, and contested as provided in Chapter
13 of Title 50, the "Georgia 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 necessary and actually
incurred by each of them in the performance of their duties under
(f) The commissioner shall appoint, with the approval of the
Governor, a person as assistant commissioner and delegate such of
his powers and duties under this chapter to such assistant
commissioner as he desires.
(g) To encourage uniform interpretation and administration of this
chapter and effective securities regulation and enforcement, the
commissioner may cooperate with the securities agencies or
administrators of one or more states, Canadian provinces or
territories, another country, the Securities and Exchange
Commission, the Commodity Futures Trading Commission, the Securities
Investor Protection Corporation, any self-regulatory organization,
any national or international organization, securities officials or
agencies, or any governmental law enforcement or regulatory agency.
The cooperation authorized may include, but is not limited to,
participation in a central depository for registration under this
chapter and for documents or records required or allowed to be
maintained under this chapter and the designation of any such system
as an agent for registration or receipt.
(h) Neither the commissioner, the assistant commissioner, nor any
employee of the commissioner may use for personal gain or benefit
information filed with or obtained by the commissioner which is not
public information nor may the commissioner, assistant commissioner,
or any employee of the commissioner conduct securities dealings
based upon information filed with or obtained by the commissioner,
even though such information is known to the public, if there has
not been a sufficient period for the securities markets to
assimilate the information.
(i) Except as provided in subsection (j) of this Code section,
information and documents filed with or obtained by the commissioner
are public information and are available for public examination.
(j) The following information and documents do not constitute public
information under subsection (i) of this Code section and shall be
(1) Information or documents obtained by the commissioner in connection with an investigation under Code Section 10-5-11;
(2) Information or documents filed with the commissioner in
connection with a registration statement or exemption filing under
this chapter which constitute trade secrets or commercial or
financial information of a person for which that person is
entitled to and has asserted a claim of confidentiality or
privilege authorized by law; and
(3) Any document or record specifically designated as confidential
in accordance with this chapter or the rules and regulations
promulgated under this chapter.