21VAC5-10-20: Classification of regulatory standards

Regulations are regulatory standards adopted and promulgated and shall be considered the highest level of policy applied by the commission.

Forms are prescribed or adopted for the purpose of implementing the Virginia Securities Act. When so prescribed or adopted, use of the forms is mandatory.

Statements made orally or in writing by personnel of the Division of Securities and Retail Franchising in response to inquiries or otherwise, and not specifically identified and promulgated as regulations shall not be considered regulatory standards of the commission and shall not be considered binding upon the commission in connection with specific decisions undertaken by the commission thereafter. The commission may refuse to answer any question based upon a hypothetical situation.