(a) This act shall be administered by the Pennsylvania Securities Commission which may exercise all powers granted to it under this act and the act of December 5, 1972 (P.L. 1280, No. 284),¹ known as the “Pennsylvania Securities Act of 1972” in the administration of this act.

(b) The commission may make, amend and rescind any regulations, forms or orders necessary to carry out this act. All regulations of the commission (other than those relating solely to its internal administration) shall be of general application and future effect and shall be made, amended or rescinded in accordance with the act of June 4, 1945 (P.L. 1388, No. 442),² known as the “Administrative Agency Law,” and the act of July 31, 1968 (P.L. 769, No. 240),³ known as the “Commonwealth Documents Law,” and no regulation shall be effective until a public hearing is held thereon or until 30 days after the regulation is published pursuant to such “Commonwealth Documents Law.” The commission may, in its discretion, waive any requirement of any regulation or form in situations where, in its opinion, such requirement is not necessary in the public interest or for the protection of investors.