Title 44 — Trade and Commerce

A. The securities regulatory and enforcement fund is established and shall be administered by the commission under the conditions and for the purposes provided by this section. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing. B. Fees collec…

A person who knowingly violates any provision of this chapter or any rule, regulation or order of the commission thereunder for which a penalty is not provided is guilty of a class 1 misdemeanor.

A. All laws which were repealed by Laws 1951, chapter 18, section 25, shall remain in force for the prosecution and punishment of any person who, prior to June 17, 1951, committed an offense contrary to the provisions of any law in force at the time the offense was committed, and…

A. The names of complainants and all information or documents obtained by any officer, employee or agent of the commission, including the shorthand reporter or stenographer transcribing the reporter's notes, in the course of any examination or investigation are confidential unles…

In order to foster the economic development of this state, the commission, when acting pursuant to this chapter, shall consider measures, consistent with investor protection, to increase the availability of and access to capital by companies in this state, to lower the cost of su…

A. If instructed by the commission the director shall seek to facilitate the formation, pursuant to title 10, chapter 2, article 1, of one or more private corporations to operate one or more securities exchanges in Arizona. B. The governing board of a corporation operating a secu…

Neither the state nor any political subdivision, nor the commission, the Arizona commerce authority, nor any state officer, agent or employee acting in good faith, except as otherwise explicitly provided by statute, shall be liable for any injury or damage to investors, exchange …

In order to make information about Arizona public companies more available to investors, dealers, securities analysts, financial journalists and other interested persons, the commission shall establish in this state one or more public reference rooms that provide access to public…

In order to enhance and enlarge the capital markets for companies in this state, the commission may negotiate formal or informal agreements with the administrators of the securities laws of other states, especially in the western United States, Canada and Mexico, and, as deemed a…

A. This section applies in each private action that arises under this chapter and that is brought as a plaintiff class action pursuant to the Arizona rules of civil procedure or any federal or other jurisdictional counterpart to the rules. B. Each plaintiff seeking to serve as a …

A. In any private action arising under section 44-1991 or 44-1992 in which the plaintiff alleges that the defendant made an untrue statement of a material fact or omitted a statement of a material fact necessary in order to make the statements made, in the light of the circumstan…

A. In any private action arising under this chapter, on final adjudication of the action, unless the parties stipulate otherwise, the court shall include in the record specific findings regarding compliance by each party and each attorney representing any party with each requirem…

In any private action arising under this chapter in which the plaintiff may recover money damages, if requested by a defendant, the court shall submit to the jury a written interrogatory on the issue of each defendant's state of mind at the time of the alleged violation.

A. Except as provided in subsection B of this section, in any private action arising under section 44-1991 or 44-1992 in which the plaintiff seeks to establish damages by reference to the market price of a security, the award of damages to the plaintiff shall not exceed the diffe…

Disgorged monies resulting from a judicial or administrative action brought by the commission shall not be distributed as payment for attorney fees or expenses incurred by private parties seeking distribution of the disgorged monies, except as otherwise ordered by the court on a …

A. This section only applies to a forward-looking statement made by: 1. At the time that the statement is made, an issuer that is subject to the reporting requirements of section 13(a) or section 15(d) of the securities exchange act of 1934 (15 United States Code section 78m(a) o…

In this article, unless the context otherwise requires, "illegal act" means an act or omission that violates any law or any rule having the force of law.

Unless exempted by the commission, an independent certified public accountant who audits the financial statements of an issuer in an audit required pursuant to this chapter shall include, in accordance with generally accepted auditing standards as modified or supplemented by the …

A. In the course of conducting an audit to which this article applies, if the independent certified public accountant detects or becomes aware of information indicating that an illegal act, whether or not perceived to have a material effect on the issuer's financial statements, h…

No independent certified public accountant is liable in a private action for any finding, conclusion or statement expressed in a report made pursuant to section 44-2123, subsection C or D, including any rule adopted by the commission pursuant to that section.

After notice and an opportunity for a hearing in a proceeding instituted pursuant to article 16 of this chapter, if the commission finds that an independent certified public accountant has wilfully violated section 44-2123, subsection C or D, in addition to entering an order purs…

Nothing in this article limits or otherwise affects the authority of the commission under this chapter.