Authority: IC 23-2.5-11-6

Affected: IC 23-2.5

Sec. 4. In certain situations, several violations may have been committed. Separate violations may be grouped for the purpose of imposing a civil penalty. The total fine or civil penalty assessed in an enforcement case may include penalties for several violations or groups of violations, each calculated under this policy.

(Securities Division; 710 IAC 6-4-4; filed Jan 12, 2026, 4:22 p.m.: 20260211-IR-710250231FRA)