Who May Request

PURPOSE: This rule sets out who may request hearings upon matters under the Missouri Securities Act. (1) Hearings Before Commissioner. (A) In all contested cases under Chapter 409, RSMo, including matters involving discipline or disqualification of broker-dealers, agents, investment advisers, or investment adviser representatives under section 409.4412, RSMo, or administrative enforcement under section 409.6-604, RSMo, the Enforcement Section of the Securities Division may initiate the matter by submitting to the commissioner a petition for administrative relief. The commissioner may act summarily if authorized by law, or may give notice and set the matter for hearing. Any hearing shall be governed by Chapter 536, RSMo. No order of revocation or suspension under section 409.4-412(b), RSMo, may be issued by the commissioner, unless the matter has been referred to the Administrative Hearing Commission as provided in subsection (2)(B). (B) Any person aggrieved by a suspension or denial of an application summarily for a broker-dealer, agent, investment adviser, or investment adviser representative registration pursuant to section 409.4-412(f), RSMo may request a hearing before the commissioner. The hearing shall be governed by Chapter 536, RSMo. (C) Any person aggrieved by the denial, suspension, postponement or revocation of a securities registration summarily, or the denial or revocation of exemptions from registration may request a hearing before the commissioner. Pursuant to section 409.3306(d), RSMo the hearing shall be governed by Chapter 536, RSMo. (D) Any person aggrieved by the denial, revocation, suspension, summary postponement or summary suspension of a commodity broker-dealer or sales representative registration under the Missouri Commodities Code, sections 409.800–409.863, RSMo may request a hearing before the commissioner. The hearing shall be governed by Chapter 536, RSMo. (E) Any person aggrieved by an order issued by the commissioner pursuant to Chapter 409, RSMo, and not afforded an opportunity for hearing prior to the issuance of the order may request a hearing before the commissioner, except those provided for in subsection (2)(A). The hearing shall be governed by Chapter 536, RSMo. (2) Hearings Before the Administrative Hearing Commission. (A) Any person aggrieved by denial of a broker-dealer, agent, investment adviser, or investment adviser representative registration by the commissioner may file a petition with the Administrative Hearing Commission in accordance with section 409.4-412(j), RSMo. (B) In matters involving the revocation or suspension of the registration of broker-dealers, agents, investment advisers, or investment adviser representatives under section 409.4-412(b), RSMo, the Enforcement Section of the Securities Division shall initiate the matter by submitting to the commissioner in addition to the petition for administrative relief provided in subsection (1)(A), a proposed complaint for filing before the Administrative Hearing Commission. The commissioner may then refer the matter to the Administrative Hearing Commission in accordance with section 409.4-412(k), RSMo. Attorneys for the commissioner may petition the Administrative Hearing Commission for findings of fact and conclusions of law to support grounds for disqualification under section 409.4-412(b) and/or (d), RSMo. The Administrative Hearing Commission shall, after opportunity for hearing, issue findings of fact and conclusions of law. The matter shall then be referred back to the commissioner for consideration of sanctions and final order. AUTHORITY: sections 409.3-306(d), 409.4412 and 409.6-605, RSMo Supp. 2003 and 409.836, RSMo 2000.* Original rule filed June 25, 1968, effective Aug. 1, 1968. Amended: Filed May 21, 1969, effective Aug. 1, 1969. Amended: Filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Amended: Filed Aug. 11, 1978, effective Feb. 11, 1979. Amended: Filed Aug. 22, 1986, effective Jan. 30, 1987. Amended: Filed July 3, 1989, effective Sept. 28, 1989. Rescinded and readopted: Filed Nov. 1, 2001, effective May 30, 2002. Emergency amendment filed Aug. 29, 2003, effective Sept. 12, 2003, expired March 9, 2004. Amended: Filed Aug. 29, 2003, effective Feb. 29, 2004. Amended: Filed May 26, 2004, effective Nov. 30, 2004. *Original authority: 409.3-306, RSMo 2003; 409.4-412, RSMo 2003; 409.6-605, RSMo 2003; 409.836, RSMo 1985.