Securities Division
Matthew J. Neubert - Director

1300 W. Washington St. 3rd Floor
Phoenix, AZ 85007
(602) 542-4242
(866) 837-4399
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Arizona Securities Act

 Article 1 - Definitions
44-1801 - Definitions

Article 2 - Administrative Personnel
44-1811 - Director of securities
44-1812 - Assistant director of securities
44-1813 - Employment of personnel
44-1814 - Travel and other necessary expenses of employees
44-1815 - Cooperation with other securities agencies

Article 3 - General Administrative Powers
44-1821 - General rule-making power of commission; delegation of authority; limitation
44-1822 - Investigations
44-1823 - Power to require testimony and production of records
44-1824 - Dealer examination assessment; foreign examination cost; payment
44-1825 - Contempt; penalty
44-1826 - No-action requests

Article 4 - Sale of Securities
44-1841 - Sale of unregistered securities prohibited; classification
44-1842 - Transactions by unregistered dealers and salesmen prohibited; classification
44-1843 - Exempt securities; fee; filing
44-1843.01 - Nonexempt government securities; covered securities; exemptions
44-1843.02 - Special filing requirements for certain exempt securities
44-1844 - Exempt transactions
44-1845 - Exemption or special registration of certain securities and transactions by commission rule
44-1846 - Powers of commission to exempt certain securities or transactions
44-1847 - Power of commission to exempt certain securities or transactions of regulated issuers
44-1848 - Power of commission to require registration of dealers and salesmen dealing with certain exempt securities or engaging in certain exempt transactions; exemptions
44-1849 - Real property investment contracts; recording
44-1850 - Viatical or life settlement investment contracts

Article 5 - Fees, Form of Consent to Service of Process and Securities Filings
44-1861 - Fees; deposit; abandonment
44-1862 - Consent to service of process; service on commission
44-1863 - Receipt of electronic securities filings

Article 6 - Registration of Securities by Description
44-1871 - Securities that may be registered by description
44-1872 - Procedure for registration by description; registration statement; consent to service of process
44-1873 - Recording of registration; effective date of registration; renewal; eligibility of registered securities for sale
44-1874 - Registration of additional securities by description
44-1875 - Filing of additional information
44-1876 - Escrow of certain securities; restrictive sales agreement
44-1877 - Escrow of treasury stock; restrictive sales agreement
44-1878 - Impoundment of funds from sale of speculative securities

Article 7 - Registration of Securities by Qualification
44-1891 - Registration by qualification
44-1892 - Documents required for application for registration by qualification; fee
44-1893 - Application for registration of securities by qualification; contents; accompanying documents; signature and verification
44-1894 - Prospectus; contents; use of consolidated financial statements; amendment or supplement to prospectus required to show material change
44-1895 - Preparation of required financial statements
44-1896 - Substitution of prospectus filed under or complying with standards of form prescribed by or under securities act of 1933 for prospectus required by sections 44-1892 and 44-1894
44-1897 - Amendment or withdrawal of application, prospectus or other documents
44-1898 - Registration in securities register of securities complying with requirements for registration by qualification; sale of registered securities authorized; delivery of prospectus to purchasers
44-1899 - Renewal of registration by qualification
44-1900 - Registration of additional securities by qualification
44-1901 - Registration of certain securities by qualification; definitions
44-1902 - Power of the commission to register certain securities by uniform limited offering registration

Article 8 - Denial, Revocation or Suspension of Securities by Registration
44-1921 - Denial of registration by qualification
44-1922 - Revocation of registration by qualification or description; grounds
44-1923 - Order denying or revoking registration; notice to issuer and dealers
44-1924 - Order suspending registration; grounds; hearing; notice

Article 9 - Registration of Dealers and Salesmen
44-1941 - Application for registration as dealer; contents; filing; consent to service of process; fee; exemption
44-1942 - Power of commission or director to require filing of additional information
44-1943 - Power of commission to require bond from dealer
44-1944 - Registration in register of dealers and salesmen of applicant complying with requirements
44-1945 - Application for registration as salesman; filing; contents; exemptions
44-1946 - Registration in register of dealers and salesmen of applicant complying with requirements
44-1947 - Register of dealers and salesmen; recording registration and orders; transfer or expiration of registration
44-1948 - Reporting requirements of dealers and salesmen; real property records
44-1949 - Duty of dealer to give notice of termination of employment of salesman; automatic suspension of salesman's registration; notice of employment of salesman
44-1950 - Active military duty; compensation

Article 10 - Denial, Revocation or Suspension of Registration as Dealer or Salesman
44-1961 - Grounds for denial, revocation or suspension of dealer registration
44-1962 - Denial, revocation or suspension of registration of salesman; grounds
44-1963 - Entry of order of denial, revocation or suspension
44-1964 - Temporary suspension orders

Article 11 - Hearings
44-1971 - Initiation of hearing; purpose of hearing
44-1972 - Notice of and opportunity for hearing; time of hearing
44-1973 - Conduct of hearing
44-1974 - Rehearings

Article 12 - Appeals
44-1981 - Judicial review

Article 13 - Fraudulent Practices
44-1991 - Fraud in purchase or sale of securities
44-1992 - Filing of misleading information with commission
44-1993 - Misrepresentation of effect of registration of securities
44-1994 - Misrepresentation of effect of registration of dealers or salesmen
44-1995 - Violation; classification
44-1996 - Prohibition of referral fees
44-1997 - False registration statement; liability
44-1998 - Offers and sales; liability
44-1999 - Controlling persons; liability
44-2000 - Contrary stipulations void

Article 14 - Civil Remedies and Liabilities
44-2001 - Voidable sale or contract for sale of securities; remedy
44-2002 - Remedy for voidable purchases
44-2003 - Joint and several liability of offending sellers and purchasers; proportionate liability; determination of responsibility; uncollectible share; settlement discharge; limitation on actions; definitions
44-2004 - Limitation of civil actions
44-2005 - Remedy not exclusive

Article 15 - Conservators and Receivers
44-2011 - Complaint for appointment of conservator or receiver
44-2012 - Complaint; contents
44-2013 - Preliminary injunction; appointment of temporary conservator or receiver
44-2014 - Permanent injunction; permanent conservator or receiver
44-2015 - Conservator; bond; powers and duties
44-2016 - Duration of appointment of conservator; distributing assets; winding up affairs of violator
44-2017 - Compensation of conservators and other personnel

Article 16 - Enforcement
44-2031 - Jurisdiction and venue of offenses and actions
44-2032 - Cease and desist orders; injunctions; civil restitution; prosecutions for violations
44-2033 - Burden of proof of exemptions
44-2034 - Evidence of registration or notice filing; lack of registration or notice filing
44-2035 - Evidence of record of proceedings
44-2036 - Administrative penalty
44-2037 - Civil penalties
44-2038 - Costs recoverable
44-2039 - Securities regulatory and enforcement fund; purpose
44-2040 - Violation; classification
44-2041 - Continuance of prior law for certain purposes

Article 17 - Capital Markets
44-2042 - Confidentiality
44-2051 - Advancement of economic development and capital formation
44-2052 - Exchange operation; commission rules
44-2053 - Limitation on liability
44-2054 - Loans from the commerce and economic development commission fund; repayment; allocation
44-2055 - Securities public reference rooms
44-2056 - Free trade

Article 18 - Private Securities Litigation
44-2081 - Private securities class action litigation
44-2082 - Requirements for securities fraud actions involving misleading statements or omissions
44-2083 - Sanctions for abusive litigation
44-2084 - Right to written interrogatories
44-2085 - Limitation on damages; definition
44-2086 - Attorney fees paid from disgorgement monies; prohibition
44-2087 - Application of safe harbor for forward looking statements; definitions

Article 19 - Audits
44-2121 - Definition of illegal act
44-2122 - Audit requirements
44-2123 - Audit discoveries; required responses
44-2124 - Auditor liability limitation
44-2125 - Civil penalties in cease and desist proceedings
44-2126 - Preservation of existing authority

 

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