(a) The department may make, amend and rescind any regulations, forms and orders that are necessary to carry out this act, including regulations and forms governing registration statements, notice filings, applications and reports, and defining any terms, whether or not used in this act, insofar as the definitions are not inconsistent with this act. All regulations of the department (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solely to its internal administration) shall be of general application and future effect and shall be made, amended or rescinded in accordance with the act of June 4, 1945 (P.L. 1388, No. 442),¹ known as the “Administrative Agency Law,” and the act of July 31, 1968 (P.L. 769, No. 240),² known as the “Commonwealth Documents Law.” For the purpose of rules and forms, the department may classify securities, persons and matters within its jurisdiction, and prescribe different requirements for different classes. The department 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.

(b) No regulation, form or order may be made, amended or rescinded unless the department finds that the action is necessary or appropriate in the public interest and for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of this act.

(c) Subject to the limitations of the Securities Act of 1933 (48 Stat. 74, 15 U.S.C. § 77a et seq.), the Securities Exchange Act of 1934 (48 Stat. 881, 15 U.S.C. § 78a et seq.) and the Investment Advisers Act of 1940 (54 Stat. 847, 15 U.S.C. § 80a-1 et seq.), the department may by regulation or order prescribe the kind, form and content of financial statements required under this act, the fiscal or other periods and dates for such statements, the circumstances under which consolidated or other combining financial statements shall be filed, or other requirements it deems necessary for financial statement presentation purposes, and whether any required financial statements shall be certified by independent certified accountants in good standing with this State. All financial statements shall be prepared reflecting conformity with generally accepted accounting principles in the United States consistently applied, unless variance therefrom is disclosed in an acceptable manner, and shall reflect pertinent disclosures by financial notes or other form, where required for that data in compliance with pronouncements by recognized authoritative accounting bodies or if applicable, by governmental agencies, and if otherwise permitted by regulation or order of the commission.

(d) No provision of this act imposing any liability applies to any act done or omitted in good faith in conformity with any regulation, form or order of the department, notwithstanding that the regulation form or order may later be amended or rescinded or be determined to be invalid for any reason.

(e) Deleted by 2014, June 10, P.L. 678, No. 52, § 31, effective in 60 days [Aug. 11, 2014].