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Covered Securities—National Securities Markets Improvement Act of 1996 October 11, 1996, Congress passed the National Securities Markets Improvement Act of 1996 (“NSMIA”). NSMIA amended section 18 of the Securities Act of 1933 and defined a number of types of securities and transactions as “covered securities.” States may not require registration of transactions involving covered securities. States may, however, require notice filings in connection with some of the covered securities. Arizona requires a notice filing for the following covered securities. Securities | 15 U.S.C. | A.R.S. | Notice Filing Requirement | Securities issued by an investment company that is registered, or has filed a registration statement, under the Investment Company Act of 1940 | § 18(b)(2) | Title 44, Chapter 13, Article 12 | | Securities offered or sold to qualified purchasers, as defined by SEC | § 18(b)(3) Rule not yet adopted | | Any documents that are filed with the SEC, consent to service of process if the issuer is not organized under Arizona law, $100. | 1933 Act section 3(a) securities, except municipal securities that are offered or sold in the state in which the issuer is located. | § 18(b)(4)(C) | | A cover letter describing the offering, any documents that are filed with the SEC, $200. | Pursuant to SEC rules issued under section 4(2) (i.e. Rule 506). | § 18(b)(4)(D) | | No later than 15 days after the first sale in or from Arizona, Form D and $250. |
A.R.S. § 44-1842 applies to transactions involving all covered securities, unless an exemption from dealer or salesman registration is otherwise available. A.R.S. § 44-1843.02(D).
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