Arkansas Administrative Code

23 CAR § 300-203. Confidentiality of information or proceedings generally. [Reserved].

23 CAR § 300-204. Rules, forms, and orders of commissioner — General. The following provisions apply to all applications, petitions, notice filings, amendments, reports, complaints, or other documents required under the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., …

23 CAR § 300-205. Investigations. [Reserved].

23 CAR § 300-206. Records of commissioner generally — Interpretive opinions — Guidelines for interpretive opinions and no-action letters. (a) General. (1)(A) In most circumstances, persons requesting informal advice from the staff should submit a request for an interpretive opini…

23 CAR § 300-207. Public inspection of records — Exceptions. [Reserved].

23 CAR § 300-208. Cooperation with other regulatory agencies. [Reserved].

23 CAR § 300-209. Injunction, mandamus, or other ancillary relief. [Reserved].

23 CAR § 300-210. Judicial review. [Reserved].

23 CAR § 300-211. Disposition of fees. [Reserved].

23 CAR § 300-212. Registration or availability of exemption not construed as approval by commissioner — Inconsistent representation. [Reserved].

23 CAR § 300-213. Disposition of fines — Investor Education Fund — Investor education program. (a) General. (1) Utilizing the Investor Education Fund described in Arkansas Code § 23-42-213 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., the Securities Commissio…

23 CAR § 300-301. Registration required — General provisions. (a) Eligibility requirements. (1) Each nonresident broker-dealer, agent, investment adviser, or representative must be registered, exempt, excepted from registration, or qualified to engage in business as a broker-deal…

23 CAR § 300-302. Registration procedure — Broker-dealer or agent. (a) Filings made through CRD. Pursuant to Arkansas Code §§ 23-42-208 and 23-42-302 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., the Securities Commissioner designates the CRD to receive and s…

23 CAR § 300-303. Registration procedure — Investment adviser. (a) Filings made through IARD. Pursuant to Arkansas Code §§ 23-42-208 and 23-43-302 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., the Securities Commissioner designates the IARD to receive and sto…

23 CAR § 300-304. Minimum net capital requirement. (a) Capital requirements for broker-dealer — General requirement. All broker-dealers registered under the Arkansas Securities Act, Arkansas Code § 23-41-101 et seq., shall at all times have and maintain net capital of no less tha…

23 CAR § 300-305. Filing fees. [Reserved].

23 CAR § 300-306. Corporate surety bonds — Surety bonds. A surety bond, as required by Arkansas Code § 23-42-305 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., for a registered broker-dealer, investment adviser, or agent of the issuer shall be maintained and i…

23 CAR § 300-307. Records and reports — Examinations. (a) Records and reports of broker-dealers. (1) Each broker-dealer shall make, maintain, and preserve books and records as required for brokers or dealers under the rules promulgated under the Securities Exchange Act of 1934, a…

23 CAR § 300-308. Financial statements. (a) Unless otherwise provided herein, audited financial statements shall be prepared by an independent certified public accountant in accordance with generally accepted auditing standards in conformity with generally accepted accounting pri…

23 CAR § 300-309. Unlawful acts by investment advisers. (a) Performance-based compensation exemption. (1) Notwithstanding Arkansas Code § 23-42-307(b)(1) of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., an investment adviser may enter into, extend, or renew an i…

23 CAR § 300-310. Denial, suspension, revocation, or withdrawal of registration. (a) Unfair, misleading, and unethical practices of broker-dealer or agent. (1) Each broker-dealer and agent shall observe high standards of commercial honor and just and equitable principles of trade…

23 CAR § 300-311. Protections of vulnerable adults from financial exploitation. The term “individual” used in Arkansas Code § 23-42-309 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., means any agent, investment adviser representative, or person who serves in a…

23 CAR § 300-401. Registration by notification. (a) Requirements. A registration statement under Arkansas Code § 23-42-401 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., shall contain the following information to be accompanied by the following documents in ad…

23 CAR § 300-402. Registration by coordination. (a) Requirements. A registration statement under Arkansas Code § 23-42-402 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., shall contain the following information and be accompanied by the following documents in a…

23 CAR § 300-403. Registration by qualification. (a) Requirements. A registration statement under Arkansas Code § 23-42-403 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., shall contain the following information and be accompanied by the following documents in …

23 CAR § 300-404. Registration statements generally — General requirements. (a) General policy. (1) Each application for registration shall comply with the requirements set forth in this section unless a request for a deviation is granted by the Securities Commissioner. (2) All r…

23 CAR § 300-405. Stop order denying, suspending, or revoking registration statement — General provisions. (a) General policy. (1) Each application for registration shall comply with the requirements of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., and this part…

23 CAR § 300-501. Sale of unregistered nonexempt securities. [Reserved].

23 CAR § 300-502. Filing of prospectus, sales literature, etc. — Advertising. (a) General provisions. Any public advertising in connection with the sale and promotion of a public offering of registered securities or securities exempted under Arkansas Code § 23-42-503(a)(7) and (c…

23 CAR § 300-503. Exempted securities. (a) This section does not exempt securities from the remaining provisions of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., or this part, including Arkansas Code § 23-42-507 of the Arkansas Securities Act. (b) Classes of exe…

23 CAR § 300-504. Exempted transactions. (a) This section does not exempt transactions from the remaining provisions of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., or this part, including Arkansas Code § 23-42-507 of the Arkansas Securities Act. (b) Transactio…

23 CAR § 300-505. Denial or revocation of exemptions — Rules of practice and procedure regarding denial or revocation of exemption. The rules of practice and procedure to be followed in any proceeding for the denial or revocation of an exemption are set forth in 23 CAR § 300-601 …

23 CAR § 300-506. Burden of proof of exemption. (a) The Securities Commissioner may not grant an exemption under this section as the claimant has the burden of proving that the security so qualifies. (b) The proof of exemption must be complete before a subscription agreement or o…

23 CAR § 300-507. Fraud or deceit in connection with offer, sale, or purchase of securities. [Reserved].

23 CAR § 300-508. Market manipulation. [Reserved].

23 CAR § 300-509. Covered securities. (a) Notice filings. (1) A notice filing for covered securities under Section 18(b)(2) of the Securities Act of 1933 shall contain the following: (A) Initial offerings. (i) The filing fee prescribed by Arkansas Code § 23-42-509(a)(1) of the Ar…

23 CAR § 300-601. General provisions — Scope of rules. (a)(1) This subpart applies in all investigations, proceedings, and rulemaking conducted by the State Securities Department. (2) The purpose of this subpart is to provide guidance and direction in the procedures used by the d…

23 CAR § 300-602. Powers of the commissioner. (a) The Securities Commissioner shall have all the powers necessary to conduct investigations and proceedings in a fair and impartial manner and to avoid unnecessary delay. (b) The powers of the commissioner include, but are not limit…

23 CAR § 300-603. Investigations, proceedings, and hearings — Investigations. (a) Investigations conducted pursuant to Arkansas Code § 23-42-205 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., are not hearings, either formal or informal, as that term is used in…

23 CAR § 300-604. Proceedings and hearings. (a) Governing law and procedure. All formal hearings before the Securities Commissioner shall be in accordance with the provisions of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., the Arkansas Administrative Procedure …

23 CAR § 300-605. Pleadings and practice. (a) Pleadings allowed. Pleadings shall include all forms of petitions, requests, complaints, answers, responses, replies, proposals, notices, applications, briefs, and filings of any nature that are placed before the Securities Commission…

23 CAR § 300-606. Hearing procedures. (a) Notice of hearings. (1)(A) A notice of hearing shall be served upon each party. (B) This may be by hand delivery or United States Postal Service within a reasonable amount of time prior to the hearing. (C) For purposes of this section, se…

23 CAR § 300-607. Securities registration — Securities registration statement. (a)(1) When the staff or the Securities Commissioner learns of an applicant’s or registrant’s possible failure to comply with the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., or this par…

23 CAR § 300-608. Exempt securities — Securities exempted from registration. (a) A security or transaction exemption filed in accordance with Arkansas Code § 23-42-503(d) or Arkansas Code § 23-42-504(b) of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., may be dis…

23 CAR § 300-609. Registration of individuals — Broker-dealer, agent, investment adviser, or investment adviser representative. (a) An applicant for registration, a registrant, or an applicant seeking withdrawal from registration may agree in writing to allow the Securities Commi…

23 CAR § 301-1001. Amendments to information on file with the commissioner. (a)(1) A licensee shall notify the Securities Commissioner within thirty (30) days of any material change in any document or information previously submitted to the commissioner during the application pro…

23 CAR § 301-1002. Books and records requirements. (a) Record availability. (1) In addition to any state or federal laws and rules, or other requirements regarding records, each licensee shall maintain books, records, and documents sufficient to allow the Securities Commissioner …

23 CAR § 301-1003. Trust accounts or escrow accounts. (a) The escrow account shall contain only those funds collected from loan applicants or borrowers. (b) The licensee shall: (1) Maintain complete and accurate escrow account records; and (2) Produce, upon request, all documents…

23 CAR § 301-101. Definitions. When the terms listed below are used in the Fair Mortgage Lending Act, Arkansas Code § 23-39-501 et seq., any rules or forms promulgated under the Fair Mortgage Lending Act, or any order of the Securities Commissioner under the Fair Mortgage Lending…

23 CAR § 301-1201. Prohibited activities — Advertising. (a) An advertisement includes any printed or published material, or descriptive literature concerning a mortgage loan to be solicited, processed, negotiated, or funded by a licensee or exempt entity whether disseminated by d…