2006 New Mexico Statutes - 58-13B-28 — Provisions applicable to exemptions generally.

58-13B-28. Provisions applicable to exemptions generally.

A.     The director by order may deny or revoke an exemption specified in Section 58-13B-26 or 58-13B-27 NMSA 1978 with respect to a specific security or transaction if the director reasonably believes, after inquiry, that there is about to be or has been a violation of the New Mexico Securities Act of 1986 [Chapter 58, Article 13B NMSA 1978] and that the action is necessary or appropriate for the protection of investors. Following entry of any such order, the procedures set forth in Section 58-13B-53 NMSA 1978 shall be followed. No order under this subsection may operate retroactively.   

B.     In any civil, criminal or administrative proceeding under that act, the burden of proving an exemption or an exception from a definition or status as a federal covered security is upon the person claiming it.   

C.     The director may by rule require notice of filing for any exemption contained in Section 58-13B-26 or 58-13B-27 NMSA 1978, and may require payment of a fee not to exceed three hundred fifty dollars ($350) for any such notice of filing, except that no fee shall be required for filing a notice of exemption pursuant to Subsection K of Section 58-13B-27 NMSA 1978 of that act.   

D.     The director is authorized to promulgate by rule a limited offering transactional exemption which shall further the objectives of compatibility with the exemptions from securities registration authorized by Section 19(c)(3)(C) of the Securities Act of 1933 and uniformity among the states. Such exemption shall be subject to such restrictions as to number of purchasers, investor suitability, disclosure of investment information and other restrictions as the director may determine are necessary for the protection of investors. The director may impose conditions with respect to persons or issuers who by reason of prior misconduct will not be eligible to utilize this exemption. Any person claiming this exemption shall file notice with the director of such claim and shall pay a fee of three hundred fifty dollars ($350).   

E.     The director by rule may exempt any other class of securities or transactions from Sections 58-13B-20 and 58-13B-29 NMSA 1978. Exemptions shall be subject to restrictions and conditions imposed by rule as the director may determine are necessary for the protection of investors.