REGULATION OF TAKE-OVER BIDS IN THE ACQUISITION OF CORPORATIONS
Rules and regulations; promulgation; waiver of jurisdiction; delegation of authority
Section 10. (a) The secretary may, pursuant to section four hundred and twelve of chapter one hundred and ten A prescribe reasonable rules and regulations or issue orders with respect to particular situations:
(1) Defining any terms used in this chapter including fraudulent, evasive, deceptive, manipulative or grossly unfair practices in connection with take-over bids.
(2) Exempting from this chapter take-over bids not made for the purpose of, and not having the effect of, changing or influencing the control of a target company.
(3) Covering such other matters as are necessary to give effect to this chapter.
(4) Waiving jurisdiction over a take-over bid if he determines that: (i) the take-over bid is subject to the jurisdiction of another state having a statute or regulation similar in purpose and effect to this chapter; (ii) information similar to that specified in section four is required to be filed with the administrator of such other state; (iii) such other state has a greater interest in regulating the take-over bid than the commonwealth, and (iv) the purpose of this chapter will be accomplished and the public interest will be better served by such waiver.
(b) The secretary may delegate to the director of securities the authority to perform any duty and exercise any power assigned to the secretary under the provisions of this chapter.