Arkansas Securities Act
Arkansas · Public Utilities and Regulated Industries · §§ 23-42-101 to 23-42-509 · 46 sections
Overview
The act regulates the offer and sale of securities within a state and the conduct of the people and firms that deal in them, including broker-dealers, salespersons, and investment advisers. It prohibits fraudulent and deceptive practices in securities transactions and advisory relationships, and requires that securities be registered — by coordination with a federal filing or by qualification — before they may be offered or sold, subject to enumerated exemptions for certain securities and transactions. Administration rests with a state official empowered to license and examine registrants, set fees and recordkeeping requirements, issue stop orders halting an offering, and deny, condition, suspend, or revoke registrations and exemptions after notice and hearing.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 63 court decisions.
Most-cited authority: 937 F.2d 1310 - Arthur Young & Co. v. Reves
Sections covered
- Ark. Code Ann. § 23-42-101Title5 cites
- Ark. Code Ann. § 23-42-102Definitions9 cites
- Ark. Code Ann. § 23-42-103Applicability1 cite
- Ark. Code Ann. § 23-42-104Criminal penalties1 cite
- Ark. Code Ann. § 23-42-105Prosecution of criminal offenses2 cites
- Ark. Code Ann. § 23-42-106Civil liability — Definitions20 cites
- Ark. Code Ann. § 23-42-107Consent to service of process
- Ark. Code Ann. § 23-42-108Rights and remedies cumulative
- Ark. Code Ann. § 23-42-109Waiver of compliance void2 cites
- Ark. Code Ann. § 23-42-110False or misleading statements unlawful1 cite
- Ark. Code Ann. § 23-42-201Administration by Securities Commissioner — Conflicts of interest
- Ark. Code Ann. § 23-42-202Delegation of authority by Securities Commissioner1 cite
- Ark. Code Ann. § 23-42-203Confidentiality of information or proceedings generally
- Ark. Code Ann. § 23-42-204Rules, forms, and orders of Securities Commissioner
- Ark. Code Ann. § 23-42-205Investigations
- Ark. Code Ann. § 23-42-206Records of Securities Commissioner generally — Interpretive opinions
- Ark. Code Ann. § 23-42-207Public inspection of records — Exceptions1 cite
- Ark. Code Ann. § 23-42-208Cooperation with other regulatory agencies
- Ark. Code Ann. § 23-42-209Injunction, mandamus, or other ancillary relief
- Ark. Code Ann. § 23-42-210Judicial review
- Ark. Code Ann. § 23-42-211Disposition of fees
- Ark. Code Ann. § 23-42-212Registration or availability of exemption not construed as approval by Securities Commissioner — Inconsistent representation1 cite
- Ark. Code Ann. § 23-42-213Disposition of fines — Investor Education Fund
- Ark. Code Ann. § 23-42-301Registration required — Unlawful acts — Supervision requirements1 cite
- Ark. Code Ann. § 23-42-302Registration procedure
- Ark. Code Ann. § 23-42-303Minimum net capital requirement
- Ark. Code Ann. § 23-42-304Filing fees — Rules
- Ark. Code Ann. § 23-42-305Corporate surety bonds — Alternatives2 cites
- Ark. Code Ann. § 23-42-306Records and reports — Examinations
- Ark. Code Ann. § 23-42-307Unlawful acts by investment advisers
- Ark. Code Ann. § 23-42-308Denial, suspension, revocation, or withdrawal of registration, and other penalties1 cite
- Ark. Code Ann. § 23-42-309Protection of vulnerable adults from financial exploitation — Definitions
- Ark. Code Ann. § 23-42-401Registration by notification
- Ark. Code Ann. § 23-42-402Registration by coordination
- Ark. Code Ann. § 23-42-403Registration by qualification
- Ark. Code Ann. § 23-42-404Registration statements generally
- Ark. Code Ann. § 23-42-405Stop order denying, suspending, or revoking registration statement
- Ark. Code Ann. § 23-42-501Sale of unregistered nonexempt securities5 cites
- Ark. Code Ann. § 23-42-502Filing of prospectus, sales literature, etc
- Ark. Code Ann. § 23-42-503Exempted securities2 cites
- Ark. Code Ann. § 23-42-504Exempted transactions3 cites
- Ark. Code Ann. § 23-42-505Denial or revocation of exemption
- Ark. Code Ann. § 23-42-506Burden of proof of exemption2 cites
- Ark. Code Ann. § 23-42-507Fraud or deceit in connection with offer, sale, or purchase of securities2 cites
- Ark. Code Ann. § 23-42-508Market manipulation
- Ark. Code Ann. § 23-42-509Covered securities1 cite
Enacted in other states
Alaska, Alabama, Colorado, Delaware, Maryland, Mississippi, Montana, North Carolina, North Dakota, Tennessee, Texas, Virginia, Washington
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