2005 Arizona Revised Statutes - Revised Statutes §44-1846  Powers of commission to exempt certain securities or transactions

A. The commission may grant, in accordance with rules adopted by the commission, exemptions from registration of securities under articles 6 and 7 of this chapter on written petition and on a showing by the issuer satisfactory to the commission that registration is not essential to the public interest or for the protection of investors by reason of the special characteristics of the securities or transactions or the limited character and duration of the offering or the special characteristics or limited number of the offerees or investors.

B. The rules adopted by the commission pursuant to subsection A of this section shall require, but not be limited to:

1. A disclosure document as prescribed by the commission.

2. A financial statement.

3. Minimum standards for investor suitability.

4. A final confidential report of the offering to be made within thirty days of the conclusion of the offering.

C. Exemptions granted under this section shall each relate to a specific issuer and issue and shall not add any class of securities or transactions to those exempt under sections 44-1843, 44-1843.01 and 44-1844, shall be revocable at the discretion of the commission and shall not relieve the issuer from the application of any of the provisions of this chapter except sections 44-1841 and 44-1842.

D. A petition filed under this section shall be accompanied by a fee as provided in section 44-1861.