(a) Introduction. Pursuant to the authority granted by the Texas Securities Act and the Administrative Procedure Act, Texas Government Code, Chapter 2001, the State Securities Board prescribes the following sections regarding the administration and implementation of the Texas Securities Act, and the procedure and practice before the Texas Securities Commissioner.
(b) Objective. The intent of the board is to supplant unwritten policies and guidelines with written rules, and to revise existing sections to better reflect the realities of current financial, commercial, and regulatory principles and practices.
(c) Responsibilities of the Board. The Board is the governing body of the Agency. The Board formulates policy objectives, oversees implementation of these objectives, and is responsible for the proposal, adoption, amendment and repeal of Board rules. The Board appoints the Securities Commissioner, who serves at the pleasure of the Board, to implement the policies of the Board, administer the provisions of the Texas Securities Act, and to manage the day-to-day operations of the Agency.
(d) Responsibilities of the Securities Commissioner. The Securities Commissioner implements the policies of the Board, administers the provisions of the Texas Securities Act, and manages the day-to-day operations of the Agency. It is the duty of the Securities Commissioner to see that the provisions of the Texas Securities Act are at all times obeyed and to take such measures and to make such investigations as will prevent or detect the violation of any provision thereof. The Commissioner appoints other persons as necessary to carry out the powers and duties of the Commissioner under the Texas Securities Act and other laws granting jurisdiction or applicable to the Board or the Commissioner. The Commissioner may delegate to the other persons appointed such powers and duties of the Commissioner as the Commissioner considers necessary.
(e) Delegated authority. The Board hereby delegates to the Commissioner the authority to waive requirements contained in the Board's rules, as the Commissioner may, from time to time, deem appropriate.
(f) Severability. If any provision of these sections be held invalid, such invalidity shall not affect other provisions that can be given effect without the invalid provision, and to this end the provisions of these sections are declared to be severable.

Source Note: The provisions of this §101.1 adopted to be effective January 1, 1976; amended to be effective March 14, 1999, 24 TexReg 1768; amended to be effective June 12, 2002, 27 TexReg 4933; amended to be effective August 10, 2003, 28 TexReg 5991