1.  On or before August 15 of each even-numbered year, the Administrator shall:

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(a) Submit a written report to the Director of the Legislative Counsel Bureau for submission to the Legislative Commission; and

(b) Publish the report described in paragraph (a) on an Internet website of the Secretary of State or by similar means.

2.  The report must include, without limitation:

(a) A summary of the states that adopted a model rule, regulation, exemption or like provision of the North American Securities Administrators Association within the 5 years immediately preceding the publication of the report described in subsection 1;

(b) A summary of the states that did not adopt a model rule, regulation, exemption or like provision of the North American Securities Administrators Association within the 5 years immediately preceding the publication of the report described in subsection 1, and the reasoning why each state did not adopt any such model rule, regulation, exemption or like provision;

(c) A determination of whether the Division has the resources necessary to achieve its objectives; and

(d) Any recommendations for legislation relating to the protection of investors in this State.