1. The Commission may, with the advice and assistance of the Board, adopt regulations governing the issuance of a preliminary finding of suitability to a person. 2. The regulations adopted by the Commission pursuant to this section must: (a) Provide that a person must demonstrate to the satisfaction of the Commission that the person has the suitability to become involved as a licensee but has not otherwise entered into a position or transaction which would require licensing pursuant to this chapter. (b) Provide that a preliminary finding of suitability expires not more than 2 years after issuance by the Commission but may be renewed for additional periods of not more than 2 years as the Commission deems appropriate. (c) Set forth standards for a person to be issued a preliminary finding of suitability that are as stringent as the standards for a person to be issued a nonrestricted license. (d) Establish the fees for a person to apply for, to be investigated for and to hold a preliminary finding of suitability. (e) Provide that no person may be issued a preliminary finding of suitability unless the person agrees that, for the duration of the period in which the person holds the preliminary finding of suitability, the person will not seek or in any way engage in a corporate acquisition opposed by management. (f) Define preliminary finding of suitability as the term is used in this section. 3. As used in this section: (a) Acquire control or acquiring control means any act or conduct by a person whereby the person obtains control, whether accomplished through the ownership of equity or voting securities, ownership of rights to acquire equity or voting securities, by management or consulting agreements or other contract, by proxy or power of attorney, by statutory mergers, by consummation of a tender offer, by acquisition of assets, or otherwise. (b) Control means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person. (c) Corporate acquisition opposed by management means an attempt to acquire control of a publicly traded corporation that is an affiliated company by means of a tender offer that is opposed by the board of directors of the affiliated company. (d) Tender offer means a public offer by a person other than the issuer to purchase voting securities of a publicly traded corporation that is an affiliated company, made directly to security holders for the purpose of acquiring control of the affiliated company. (e) Voting security means a security the holder of which is entitled to vote for the election of a member or members of the board of directors or board of trustees of a corporation or a comparable person or persons in the case of a partnership, trust, or other form of business organization other than a corporation.
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