02.02.03.05

.05 Financial Statements Filed As Part of Registration Statements for Registration of Securities by Qualification Notification.

A. All financial statements required to be filed as part of registration statements for registration of securities by qualification or notification shall be certified by independent public accountants.

B. The Commissioner will not recognize any certified public accountant or public accountant as independent who is not in fact independent. For example, an accountant will be considered not independent with respect to any person or any of its parents or subsidiaries:

(1) In whom he has, or had during the period of report, any direct, financial interest or any material indirect financial interest; or

(2) with whom he is, or was during the period, connected as a promoter, underwriter, voting trustee, director, officer, or employee.