(a) Subject to Subsection (b), the board may adopt rules as necessary to implement this title, including rules:
(1) governing registration statements, applications, notices, and reports; and
(2) defining terms, regardless of whether used in this title, provided that the definitions are not inconsistent with the purposes fairly intended by the policy and provisions of this title.
(b) The board may not adopt a rule unless, after notice and opportunity for comment, the board finds that the action is:
(1) necessary or appropriate in the public interest or for the protection of investors; and
(2) consistent with the purposes fairly intended by the policy and provisions of this title.
(c) For the purpose of adopting rules, the board may classify securities, persons, and matters within the board's jurisdiction and prescribe different requirements for different classes.
(d) The board, in the board's discretion, may waive a requirement of a rule in a situation in which, in the board's opinion, the requirement is not necessary in the public interest or for the protection of investors.