Gov. Rick Snyder today issued Executive Order 2012-13, which enhances efficiency by allowing the Department of Licensing and Regulatory Affairs (LARA) to place the Securities Division anywhere within LARA.
"This order allows LARA to improve the organizational efficiency of the Securities Division and capitalize on the more common regulation and licensing responsibilities located in the department," Snyder said. "It is important that we provide the right degree of administrative flexibility as we reshape state government."
Previously, the Securities Division was required to be part of the Office of Financial and Insurance Regulation. Securities regulation has a differing scope and an independent legal basis from financial and insurance regulation.
The Securities Division administers the Michigan Uniform Securities Act and the Living Care Disclosure Act, regulating securities offerings, broker-dealers, securities agents, investment advisers, investment adviser representatives and living care facilities. The division is committed to educating and protecting Michigan investors and consumers while fostering efficient capital formation in Michigan.
The full text of E.O. 2012-13 is at michigan.gov/snyder.