Title 44, Trade and Commerce

A. The superior court may, after the complaint is filed, issue a preliminary injunction restraining the defendant named in the complaint from removing, encumbering or otherwise disposing of his property located within this state, and the court may in its discretion appoint a temp…

A. The complaint, together with the order of the court setting the time of hearing, shall be served upon the defendant together with the notice of the time of hearing. B. The court, upon the hearing and after hearing the evidence, may dismiss the complaint or make the preliminary…

A. A temporary or permanent conservator shall be an officer of the court and shall give bond in the amount and conditioned as ordered by the court. The conservator has all the rights, powers and privileges of a receiver and is subject to the obligations, penalties and orders of t…

A. A permanent conservator shall administer the affairs until, in the opinion of the court, the appointment is no longer necessary to conserve, protect and preserve, reorganize or further administer the properties and affairs in his possession to protect the rights of all persons…

A conservator may incur expenses and employ engineers, accountants, attorneys or other persons in connection with his duties as the court approves. The compensation of the conservator and personnel appointed shall be fixed by the court and paid from assets in possession of the co…

A. The superior court in this state shall have jurisdiction over violations of this chapter, the rules and orders of the commission under this chapter and all actions brought to enforce any liability or duty created under this chapter, except actions or proceedings brought under …

If it appears to the commission, either on complaint or otherwise, that any person has engaged in, is engaging in or is about to engage in any act, practice or transaction that constitutes a violation of this chapter, or any rule or order of the commission under this chapter, the…

In any action, civil or criminal, when a defense is based upon any exemption provided for in this chapter, the burden of proving the existence of the exemption shall be upon the party raising the defense, and it shall not be necessary to negative the exemption in any petition, co…

A certificate signed by the chairman or a member of the commission or by the director and under seal of the commission showing that a notice filing has or has not been filed pursuant to article 4 of this chapter or chapter 13, article 12 of this title or that securities have or h…

A certificate signed by the chairman or any member of the commission or by the director, and under seal of the commission, in regard to the record of any proceeding under this chapter for denial, revocation or suspension of the registration of securities or the registration of an…

A. A person who, in an administrative action, is found to have violated any provision of this chapter or any rule or order of the commission may be assessed an administrative penalty by the commission, after a hearing, in an amount of not to exceed five thousand dollars for each …

A. A person who, in a civil proceeding, is found to have violated any provision of this chapter or any rule or order of the commission shall pay a civil penalty in an amount of not to exceed five thousand dollars for each violation. B. The commission, or the attorney general at t…

In an action brought under the provisions of this article, the commission or the attorney general is entitled to recover costs, which in the discretion of the court may include an amount representing reasonable attorney fees and investigative expenses for the services rendered, f…

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 of appropriatio…

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.

In this chapter, unless the context otherwise requires: 1. "Closed-end company" means any management company other than an open-end company or unit investment trust. 2. "Depository institution" means a bank, savings and loan association or trust company whose business is supervis…

In interpreting the definitions prescribed in section 44-3101 and other terms and phrases used in this chapter, the commission may refer to identical terms or phrases in the investment advisers act of 1940 and investment company act of 1940 including regulations or interpretive r…

The director of securities appointed pursuant to section 44-1811 shall administer this chapter.

The assistant director of securities appointed pursuant to section 44-1812 shall assist in administering this chapter.

The director may employ personnel for the administration of this chapter as prescribed in section 44-1813.

The director and any person under the director's supervision shall be paid travel and other necessary expenses as provided in section 44-1814.

The director shall cooperate with the administrators of investment adviser, investment company and management and similar laws of other states and of the United States and with the national association of securities dealers, inc. with a view to achieving maximum uniformity in the…

A. The commission may adopt rules pursuant to title 41, chapter 6 that are reasonably necessary to carry out the purposes of this chapter. B. The commission may delegate such authority to the director of securities as is convenient or necessary for the efficient administration of…

The commission, the director or any other agent or agents designated by the commission may: 1. Make private or public investigations within or outside this state that the commission deems necessary to determine whether any person has violated or is about to violate this chapter o…

A. For the purpose of investigations or hearings that, in the opinion of the commission, are necessary and proper for the enforcement of this chapter, any member of the commission, the director or any officer or officers designated by the commission may administer oaths and affir…

A. If a person refuses to obey a subpoena or citation issued by the commission, any member of the commission, the director or any officer designated by the commission, the superior court in Maricopa county, on application by the commission, shall issue to the person an order requ…