(a) The Commissioner may in his or her discretion make such public or private investigations within or outside the State as he or she deems necessary to determine whether any person has violated, is violating, or is about to violate any provision of the Act or the rules or regulations thereunder or otherwise to aid in the enforcement of the Act. Where, from complaints received from members of the public, communications from Federal or State agencies, examination of filings made with the Division, or otherwise, it appears that there may be violations of the Securities Act, or the rules or regulations thereunder, a preliminary investigation is generally made. Unless otherwise ordered by the Division, all investigations are non-public and the reports thereon are for Division use only.

(b) After investigation or otherwise, the Division may in its discretion take one or more of the following actions: Institution of administrative proceedings looking to the imposition of remedial sanctions, initiation of injunctive proceedings in the courts, and, in the case of a willful violation, criminal prosecution. The Division may also, in an appropriate case, refer the matter to, or grant requests for access to its files made by, domestic and foreign governmental authorities or foreign securities authorities, self-regulatory organizations (such as stock exchanges or the National Association of Securities Dealers, Inc.), and other persons or entities.