ARIZONA CORPORATION COMMISSION

 SECURITIES DIVISION

1.         Title of the substantive policy statement and the substantive policy statement number by which the policy statement is referenced:

a.         Regulation D—R14-4-126 Overview, Fall 1983, CCH Blue Sky Law Reporter ¶ 9606

            b.          Prohibition against dual registration by salesmen—Rule 14-4-121, Summer 1984, CCH Blue Sky Law Reporter ¶ 9608

c.         Registration of dealers engaging in exempt securities and transactions, Spring 1985, CCH Blue Sky Law Reporter ¶ 9609

d.             Dealer instruction sheet, 12-90, CCH Blue Sky Law Reporter ¶ 9611

            e.          Foreign corporations transacting business in Arizona—Supplemental filing requirements, 1-23-87, CCH Blue Sky Law Reporter ¶ 9613

f.          Dealer surety bond requirements, 1-23-87, CCH Blue Sky Law Reporter ¶ 9615

g.             Interpretation of H.B. 2451, 6-27-91, CCH Blue Sky Law Reporter ¶ 9619

2.         Date the substantive policy statement was issued and the effective date of the policy statement if different from the issuance date:

            Initial issue date:              dates listed in item 1 above

            Initial effective date:              same as issue dates

Repeal date:              August 27, 1999

3.             Summary of the contents of the substantive policy statement:

a.         Regulation D—R14-4-126 Overview – provides an overview of A.A.C. R14-4-126 as amended and effective December 28, 1982.

            b.          Prohibition against dual registration by salesmen—Rule 14-4-121 – provides guidance regarding A.A.C. R14-4-121.

c.         Registration of dealers engaging in exempt securities and transactions – provides guidance regarding A.A.C. R14-4-104 as effective August 4, 1982.

d.         Dealer instruction sheet – provides guidance regarding application for registration as a dealer.

            e.          Foreign corporations transacting business in Arizona—Supplemental filing requirements – provides guidance regarding A.R.S. § 10-106.

f.          Dealer surety bond requirements – relates to a required surety bond in connection with registration as a dealer.

g.         Interpretation of H.B. 2451 – provides guidance regarding the Securities Division’s interpretation of H.B. 2451, effective June 18, 1991.

4.         A statement as to whether the substantive policy statement is a new statement or a revision:

As a result of several statute and rule revisions, the policy statements and interpretations listed above are either no longer complete or accurate statements of the Securities Division’s policies and practices and are repealed.

5.         The name, address, and telephone number of the person to whom questions and comments about the substantive policy statement may be directed:

Name:              Cheryl T. Farson

            Address:             Securities Division

Arizona Corporation Commission

1300 West Washington Street, 3^rd Floor

                                    Phoenix, Arizona 85007-2996

            Telephone:      (602) 542-4242

6.             Information about where a person may obtain a copy of the substantive policy statement and the costs for obtaining the policy statement:

            Not applicable.