Arizona Corporation Commission
Securities Division
Matthew J. Neubert - Director
1300 W. Washington St. 3rd Floor
Phoenix, AZ 85007
(602) 542-4242
(866) 837-4399
Matthew J. Neubert - Director
1300 W. Washington St. 3rd Floor
Phoenix, AZ 85007
(602) 542-4242
(866) 837-4399
|
REGISTRATION AND LICENSURE EXEMPTIONS FOR DEALERS, SALESMEN,
INVESTMENT ADVISERS, AND INVESTMENT ADVISER REPRESENTATIVES
DEALER AND SALESMAN REGISTRATION EXEMPTIONS
The Securities Act of Arizona does not provide a de minimis exemption from dealer or salesman registration requirements.
Provisions that provide an exemption from securities registration requirements may include an exemption from dealer and salesman registration requirements. See Securities Registration Exemptions for specific details. See also A.R.S. § 44-1848(A) and A.A.C. R14-4-104 for exclusions to the exemptions.
A.R.S. § 44-1945(C): exempts from registration salesmen effecting transactions described in §§ 15(h)(2) and (e) of the Securities Exchange Act of 1934.
A.A.C. R14-4-143: dealers and salesmen who use the Internet to distribute information on products and services are not deemed to be selling, purchasing, or offering to sell or buy securities in Arizona if the Internet is used in compliance with rule 143.
A.A.C. R14-4-145: for purposes of electronic venture capital networks, exempts Networks and Operators, as defined by rule 145, from dealer or salesman registration and investment adviser or investment adviser representative licensure.
INVESTMENT ADVISER AND INVESTMENT ADVISER REPRESENTATIVE EXEMPTIONS
A.R.S. § 44-3152(A): exempts from licensure and notice filing requirements an investment adviser that does not have a place of business in Arizona if either (1) the investment adviser's only clients are enumerated persons or (2) during the preceding twelve months, the investment adviser had fewer than six clients who were residents of Arizona.
A.R.S. § 44-3152(C): exempts from licensure and notice filing requirements under the Arizona Investment Management Act an Arizona registered dealer or salesman.
A.A.C. R14-4-145: for purposes of electonic venture capital networks, exempts Networks and Operators, as defined by rule 145, from dealer or salesman registration and investment adviser or investment adviser representative licensure.
A.A.C. R14-6-106: investment advisers and investment adviser representatives who use the Internet to distribute information on products and services are not deemed to be transacting business in Arizona if the Internet is used in compliance with rule 106.
A.A.C. R14-6-210: excludes from the definition of investment adviser representative individuals who are employed by federal covered advisers if certain criteria are met.
A.A.C. R14-6-211: excludes from the definition of investment adviser representative an individual who solicits if that individual both does not solicit on a regular basis and does not receive remuneration.
