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Arizona Revised Statutes Title 44. Trade and Commerce § 44-1921. Denial of registration by qualification

Current as of January 01, 2025 | Updated by Findlaw Staff

Except as provided in § 44-1901, the commission may enter an order denying the registration of any securities to be registered by qualification, if, after a hearing or notice and opportunity for hearing as provided by article 11 of this chapter,  1 it finds that:

1. The application for registration, prospectus, any financial statement, or any document or exhibit filed with the application, or any amendment or supplement thereto, is incomplete, inaccurate or misleading, or the information contained therein is insufficient for a true appraisal of the securities.

2. The issuer or any dealer or salesman designated to engage in the sale of the securities has violated any provision of this chapter, or any rule or order of the commission thereunder.

3. The sale of the securities works or would tend to work a fraud or deceit upon the purchasers thereof, or is or would be unfair or inequitable to the purchasers.

4. The issuer is insolvent, or is in an unsound financial condition.

5. The issuer has refused to permit the commission to examine its affairs, or has failed or refused to furnish information required by this chapter, or any rule or order of the commission thereunder.

6. The issuer, any officer or director of the issuer, if a corporation or unincorporated association, any trustee or other fiduciary of the issuer, if a trust, any partner of the issuer, if a partnership, or any person controlling, controlled by or under common control with the issuer:

(a) Has been convicted within five years preceding the filing of the application for registration of securities, or at any time thereafter, of a felony or misdemeanor involving a transaction in securities, or of which fraud is an essential element.

(b) Is subject to an order, judgment or decree of an administrative tribunal, a court of competent jurisdiction, an SRO or the SEC that is entered within three years preceding the date of filing the application or any time thereafter, and that enjoins or restrains the person from engaging in or continuing any conduct or practice in connection with the sale or purchase of securities.

1 Section 44-1971 et seq.
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Cite this article: FindLaw.com - Arizona Revised Statutes Title 44. Trade and Commerce § 44-1921. Denial of registration by qualification - last updated January 01, 2025 | https://codes.findlaw.com/az/title-44-trade-and-commerce/az-rev-st-sect-44-1921/

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