New Mexico Statutes
Article 6 - Administration and Judicial Review
Section 58-13C-601 - Administration.

A. The director shall administer the New Mexico Uniform Securities Act. The director shall be appointed by the superintendent of regulation and licensing subject to confirmation by the senate. The director shall be chosen solely on the basis of fitness to perform the duties of the office and shall have a minimum of five years relevant experience in the securities or finance field, relevant education and demonstrable knowledge of securities laws and regulations. The division is under the supervision and control of the superintendent of regulation and licensing, subject, however, to the exemptions set forth in Section 9-16-11 NMSA 1978. The director shall, with the approval of the superintendent of regulation and licensing, hire pursuant to the Personnel Act [Chapter 10, Article 9 NMSA 1978] and assign duties to employees necessary to assist the director in the director's duties, and the director may, with the approval of the superintendent of regulation and licensing, appoint commissioned peace officers who shall have the powers of police officers for the purpose of investigating and enforcing the provisions of the New Mexico Uniform Securities Act. Such peace officers shall comply with the certification provisions of Section 29-7-6 NMSA 1978.
B. The director may by rule impose fees as necessary for examination, claims of exemption, requests for advisory opinions and other miscellaneous filings for which no fees are specified elsewhere in the New Mexico Uniform Securities Act and may also require payment of reasonable costs of investigation resulting from enforcement actions taken pursuant to Section 602 [58-13C-602 NMSA 1978], 603 [58-13C-603 NMSA 1978] or 604 [58-13C-604 NMSA 1978] of that act.
C. It is unlawful for the director or an officer, employee or designee of the director to use for personal benefit or the benefit of others records or other information obtained by or filed with the director that are not public pursuant to Subsection B of Section 607 [58-13C-607 NMSA 1978] of the New Mexico Uniform Securities Act. The New Mexico Uniform Securities Act does not authorize the director or an officer, employee or designee of the director to disclose the record or information, except in accordance with Section 602 of that act, Subsection C of Section 607 of that act or Section 608 [58-13C-608 NMSA 1978] of that act.
D. Except as stated in the New Mexico Uniform Securities Act, that act does not create or diminish a privilege or exemption that exists at common law, by statute or by rule or otherwise.
E. The director may develop and implement investor education initiatives to inform the public about investing in securities, with particular emphasis on the prevention and detection of securities fraud. In developing and implementing these initiatives, the director may collaborate with public and nonprofit organizations with an interest in investor education. The director may accept a grant or donation to the securities enforcement and investor education fund established in Subsection F of this section from a person that is not affiliated with the securities industry or from a nonprofit organization, regardless of whether the organization is affiliated with the securities industry, to develop and implement investor education initiatives. This subsection does not authorize the director to require participation or monetary contributions of a registrant in an investor education program.
F. The "securities enforcement and investor education fund" is created as a nonreverting fund in the state treasury to provide money for the purposes specified in Subsections E and G of this section. The division may establish and adopt rules as required to administer the fund. The securities enforcement and investor education fund shall be administered by the division. The fund shall consist of:
(1) five dollars ($5.00) of each fee collected from registrants pursuant to Subsections B and D of Section 410 [58-13C-410 NMSA 1978] of the New Mexico Uniform Securities Act;
(2) all or any portion of civil penalties, costs of investigation and other administrative assessments collected by the division through enforcement actions pursuant to the New Mexico Uniform Securities Act;
(3) appropriations, grants or donations to the fund; and
(4) income from investment of the fund.
G. Money in the securities enforcement and investor education fund shall be appropriated by the legislature to the division and shall be used for consumer education and training in matters concerning securities laws and investment issues; education and training of investigative and prosecutorial staff of the division; and costs incurred for the investigation and prosecution of civil and criminal violations of the New Mexico Uniform Securities Act, including expert and other consultant fees, witness fees, deposition costs and travel and training expenses. Money shall be disbursed from the fund only on warrant of the secretary of finance and administration upon vouchers signed by the director or the director's authorized representative. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.
History: Laws 2009, ch. 82, § 601.
Temporary provisions. — Laws 2009, ch. 82, § 702 provided that on January 1, 2010, all money in the securities education and training fund shall be transferred to the securities enforcement and investor education fund.
Effective dates. — Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.