- (a) The Securities Commissioner shall rule on the admissibility of evidence and may, when appropriate, take official notice of facts and generally recognized technical or scientific facts.
(b)
- (1) Stipulation of facts is encouraged.
- (2) Parties may stipulate as to relevant matters of fact or the authentication of relevant documents that may be entered as evidence at the commencement of or during the hearing.
- (3) The commissioner may make a decision based on stipulated facts.
(c)
- (1) A party seeking admission of an exhibit must provide four (4) copies of each exhibit at the hearing.
- (2) The commissioner must provide the opposing parties with an opportunity to examine the exhibit prior to the ruling on its admissibility.
(3) All exhibits admitted into evidence must be:
- (A) Appropriately marked; and
- (B) Made part of the record.
(d)
- (1) Formal exceptions to rulings on evidence and procedure are unnecessary.
(2) It is sufficient that a party, at the time an evidentiary ruling is sought, makes known to the commissioner the:
- (A) Objection to such action; and
- (B) Grounds for such objection.
- (3) The objection, the ruling on the objection, and the reasons for the ruling will be noted in the record.
- (4) Failure to object to the admission of evidence or any ruling constitutes a waiver of the objection.
- (5) The commissioner may rule on the objection at the time it is made or may reserve the ruling until the written decision.
(e)
- (1) Whenever evidence is ruled inadmissible, the party offering that evidence may submit an offer of proof on the record.
- (2) The party making the offer of proof for excluded or rejected oral testimony will briefly provide a summarized statement of the testimony.
- (3) If the excluded evidence consists of a document, record, or written form, a copy of such evidence shall be marked as part of an offer of proof and inserted in the record.
(f)
- (1) Irrelevant, immaterial, and unduly repetitive evidence will be excluded.
- (2) Any other oral or documentary evidence, not privileged, may be received if it is of a type commonly relied upon by reasonably prudent people in the conduct of their affairs.
(g)
- (1) The commissioner may base the finding of facts upon reasonable inferences derived from evidence received.
- (2) During the hearing, the finder of fact shall have the authority to employ the State Security Department staff’s experience, technical competence, and specialized knowledge in evaluating the evidence presented at the hearing for the purpose of making findings of fact and arriving at a decision in any contested case.
- (h) At any stage of the hearing, the commissioner may call for further evidence upon any issue and require that such evidence be produced by the relevant party, or may authorize any party to file specific documentary evidence as part of the record, either at the hearing or within a specified time, provided every party shall be afforded a reasonable opportunity to review and rebut or object to such evidence.