reglab/housing_qa huggingface dataset:
AR Code § 23-42-206 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 2 - Administration|§ 23-42-206. Records of Securities Commissioner generally — Interpretive opinions

 (a)  (1) A document is filed when it is received by the Securities Commissioner or when the commissioner receives notice from his or her designee that a document was received by the designee.  (2) The disposition of any document received by the commissioner shall be in accordance with the Arkansas State Records Management and Archives Act of 1995, § 13-4-101 et seq. [repealed].  (3) A document received by the commissioner's designee may be:  (A) Destroyed after the reproduction of the document by photograph, microphotograph, or electronic means of a permanent nature;  (B) Transferred to a permanent storage location maintained by the Central Registration Depository with the Financial Industry Regulatory Authority, the Securities Registration Depository with the North American Securities Administrators Association, or such other central depository system as may be determined by the commissioner; or  (C) Transferred to the commissioner to be disposed of in the manner of a document received by the commissioner.      (b) The commissioner shall keep a register of all notice filings, applications for registration, and registration statements which are, or have ever been, effective under this chapter and all denial, suspension, or revocation orders which have ever been entered under this chapter. The register shall be open for public inspection.  (c) The commissioner may rely upon and coordinate with the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Municipal Securities Rulemaking Board, the North American Securities Administrators Association, and any other securities regulatory agencies for the proper maintenance of certain common registrations, records, and other documents maintained by the other regulatory agencies.  (d) Upon request, and at reasonable charges which he or she prescribes, the commissioner shall furnish to any person photostatic or other copies, certified under his or her seal of office if requested, of any entry in the register or any document which is a matter of public record. In any proceeding or prosecution under this chapter, any copy so certified is prima facie evidence of the contents of the entry or document certified.  (e) The commissioner in his or her discretion may honor requests from interested persons for interpretative opinions.
AR Code § 23-42-208 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 2 - Administration|§ 23-42-208. Cooperation with other regulatory agencies

 (a) The Securities Commissioner may enter into an arrangement, agreement, or other working relationship with federal, other state, and self-regulatory authorities whereby documents may be filed and maintained in the Central Registration Depository with the Financial Industry Regulatory Authority, the Securities Registration Depository with the North American Securities Administrators Association, such other central depository system as determined by the commissioner, or the other agencies or authorities.  (b) It is the intent of this section that the commissioner be provided the authority to reduce duplication of filings, reduce administrative costs, and establish uniform procedures, forms, and administration with the states and federal authorities.  (c) The commissioner may permit initial and renewal registration filings required under this chapter to be filed with the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the North American Securities Administrators Association, or other similar authorities.  (d) The commissioner may accept uniform securities examinations or other procedures designed to implement a uniform national securities regulatory system or facilitate common practices and procedures among the states.
AR Code § 23-42-210 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 2 - Administration|§ 23-42-210. Judicial review

 (a)  (1) A person aggrieved by a final order of the Securities Commissioner may obtain a review of the order in any state court of competent jurisdiction by filing in court, within thirty (30) days after the entry of the order, a written petition praying that the order be modified or set aside in whole or in part.  (2) A copy of the petition shall be forthwith served upon the commissioner, and thereupon the commissioner shall certify and file in court a copy of the filing and evidence upon which the order was entered. When these copies have been filed, the court has exclusive jurisdiction to affirm, modify, enforce, or set aside the order, in whole or in part.    (b)  (1) The findings of the commissioner as to the facts, if supported by competent, material, and substantial evidence, are conclusive.  (2) If either party applies to the court for leave to adduce additional material evidence and shows to the satisfaction of the court that there were reasonable grounds for failure to adduce the evidence in the hearing before the commissioner, the court may order the additional evidence to be taken before the commissioner and to be adduced upon the hearing, in any manner and upon any conditions which the court considers proper. The commissioner may modify his or her findings and order by reason of the additional evidence and shall file in the court the additional evidence together with any modified or new findings or order.    (c) The judgment of the court is final, subject to review by the Supreme Court.  (d) The commencement of proceedings under subsection (a) of this section does not, unless specifically ordered by the court, operate as a stay of the commissioner's order.
AR Code § 23-42-211 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 2 - Administration|§ 23-42-211. Disposition of fees

 (a)  (1) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the “Securities Department Fund”.  (2) The Securities Department Fund shall be used for the maintenance, operation, support, and improvement of the State Securities Department in carrying out its functions, powers, and duties as set out by law and by rule not inconsistent with law.  (3) The Securities Department Fund shall consist of those portions of fees designated for deposit into the Securities Department Fund under § 23-42-304(a)(2), (a)(4), and (a)(5), § 23-42-404(b)(1), and § 23-42-509(a).  (4) Notwithstanding subdivision (a)(3) of this section, at the end of each fiscal year, the Securities Commissioner shall transfer into the General Revenue Fund Account of the State Apportionment Fund any moneys in the Securities Department Fund that exceed the amount of the department's next fiscal-year budget.    (b) The department is authorized to promulgate such rules necessary to administer the fees, rates, tolls, or charges for services established by this section and is directed to prescribe and collect such fees, rates, tolls, or charges for the services by the department in such manner as may be necessary to support the programs of the department as directed by the Governor and the General Assembly.
AR Code § 23-42-212 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 2 - Administration|§ 23-42-212. Registration or availability of exemption not construed as approval by Securities Commissioner — Inconsistent representation

 (a)  (1) Neither the fact that an application for registration, a notice filing, or a registration statement has been filed nor the fact that a person or security is effectively registered constitutes a finding by the Securities Commissioner that any document filed under this chapter is true, complete, and not misleading.  (2) Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the commissioner has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, security, or transaction.    (b) It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with subsection (a) of this section.
AR Code § 23-42-213 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 2 - Administration|§ 23-42-213. Disposition of fines — Investor Education Fund

 (a) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the “Investor Education Fund”.  (b) Except as provided by subsection (c) of this section, all fines imposed and collected under §§ 23-42-209 and 23-42-308 shall be deposited as special revenues into the State Treasury and credited to the fund, to be administered by the Securities Commissioner for the following purposes:  (1) To inform and educate the public regarding investments in securities in order to help investors and potential investors:  (A) Evaluate their investment decisions;  (B) Protect themselves from unfair, inequitable, or fraudulent offerings;  (C) Choose their broker-dealers, agents, and investment advisers more carefully;  (D) Be alert for false or misleading advertising or other harmful practices; and  (E) Know their rights as investors; and    (2) To pay for:  (A) Costs, expenses, and charges incurred by the State Securities Department in connection with the presentation and dissemination of information to the public as described in this section, including costs of printing copies of the Arkansas Securities Act, § 23-42-101 et seq., Rules of the Arkansas Securities Commissioner, and other materials designed to inform the public as set forth in this section;  (B) Costs of advertising and promotional materials designed to accomplish the purposes of this subdivision (b)(2);  (C) Costs of equipment necessary or useful for such presentations; and  (D) Costs and expenses associated with conducting a stock market game for educational purposes in selected schools in the state's public school system.      (c) Fines collected in excess of one hundred fifty thousand dollars ($150,000) in any one (1) fiscal year shall be deposited as general revenues.
AR Code § 23-42-302 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 3 - Broker-Dealers, Agents, and Investment Advisers|§ 23-42-302. Registration procedure

 (a)  (1) A broker-dealer, agent, investment adviser, representative, or branch office may obtain an initial or renewal registration by filing with the Securities Commissioner or the commissioner's designee an application and fee, together with a consent to service of process under § 23-42-107(a).  (2) The commissioner may by rule or order approve a limited registration with such limitations, qualifications, or conditions as the commissioner deems appropriate.    (b) The commissioner may by rule set forth the form and content of the application and establish a procedure for renewal registration or initial registration.  (c) The application shall contain whatever information the commissioner by rule requires concerning such matters as:  (1) The applicant's form and place of organization;  (2) The applicant's proposed method of doing business;  (3) The qualifications, disciplinary history, and business history of the applicant, including, in the case of a broker-dealer or investment adviser, the qualifications and history of any partner, officer, director, person occupying a similar status or performing similar functions, or any persons directly or indirectly controlling the broker-dealer or investment adviser;  (4) Any investigation, proceeding, order, injunction, arrest, or conviction of any felony or misdemeanor; and  (5) The applicant's financial condition and history.    (d) The commissioner may provide for a written examination to be taken by each class of applicants to be used as one (1) of the bases in determining an applicant's qualifications to be registered.  (e) The commissioner is authorized to conduct an investigation in order that he or she may determine the fitness of any applicant. Each applicant shall pay to the commissioner an investigation fee, and the amount of each fee shall be determined on the same basis as is the examination fee required of broker-dealers under § 23-42-306(d).  (f) If no denial order is in effect or no proceeding is pending under § 23-42-308, registration becomes effective on the thirtieth day after the application is completed. The commissioner may determine an earlier effective date upon review of the application.  (g) Applications which have not been completed within a period of one hundred eighty (180) days after filing with the commissioner may be deemed abandoned and considered withdrawn by the applicant, provided the applicant has been notified of the deficiencies to the application and afforded a reasonable opportunity to correct such deficiencies.  (h) A registered broker-dealer, investment adviser, or person required to make a notice filing pursuant to § 23-42-301(c)(1) may file an application for registration or notice filing of a successor, whether or not the successor is then in existence. The application or notice filing shall comply with the requirements for an initial application or notice filing.
AR Code § 23-42-303 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 3 - Broker-Dealers, Agents, and Investment Advisers|§ 23-42-303. Minimum net capital requirement

 (a) The Securities Commissioner shall require a minimum net capital for registered broker-dealers in such amount as he or she may by rule prescribe and for registered investment advisers in the amount of twelve thousand five hundred dollars ($12,500).  (b) However, subsection (a) of this section shall not apply to any registered investment adviser which maintains its principal place of business in a state other than Arkansas that:  (1) Is registered or licensed as such in the state in which it maintains its principal place of business; and  (2) Is in compliance with the applicable net capital requirements of the state in which it maintains its principal place of business.
AR Code § 23-42-304 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 3 - Broker-Dealers, Agents, and Investment Advisers|§ 23-42-304. Filing fees — Rules

 (a) Every applicant for initial or renewal registration and every person making a notice filing as required by § 23-42-301(c) shall pay a filing fee of:  (1) Three hundred dollars ($300) in the case of a broker-dealer;  (2) Seventy-five dollars ($75.00) in the case of an agent, of which twenty-five dollars ($25.00) shall be designated as special revenues and shall be deposited into the Securities Department Fund;  (3) Three hundred dollars ($300) in the case of an investment adviser;  (4) Seventy-five dollars ($75.00) in the case of a representative, of which twenty-five dollars ($25.00) shall be designated as special revenues and shall be deposited into the Securities Department Fund;  (5) Fifty dollars ($50.00) in the case of a branch office, of which the entire amount shall be designated as special revenues and deposited into the Securities Department Fund; and  (6) Three hundred dollars ($300) in the case of an exempt reporting adviser or investment adviser to a private fund that complies with exemption requirements.    (b) After an application for registration has been processed, in whole or in part, any filing fee shall be nonrefundable.  (c) The State Securities Department is hereby authorized to promulgate such rules necessary to administer the fees, rates, tolls, or charges for services established by this section and § 23-42-404 and is directed to prescribe and collect such fees, rates, tolls, or charges for the services by the department in such manner as may be necessary to support the programs of the department as directed by the Governor and the General Assembly.
AR Code § 23-42-305 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 3 - Broker-Dealers, Agents, and Investment Advisers|§ 23-42-305. Corporate surety bonds — Alternatives

 (a)  (1) The Securities Commissioner shall require registered broker-dealers, investment advisers, and an agent for the issuer to maintain a bond in such form and amount as he or she may by rule prescribe.  (2) However, this subsection does not apply to any registered investment adviser that maintains its principal place of business in a state other than Arkansas that:  (A) Is registered or licensed as such in the state in which it maintains its principal place of business; and  (B) Is in compliance with the applicable bonding requirements of the state in which it maintains its principal place of business.      (b) The following apply to those bonds required to be posted with the commissioner under subsection (a) of this section:  (1) The total liability of the surety to all persons, cumulative or otherwise, shall not exceed the amounts specified in the bond;  (2) Every bond shall provide that a suit shall not be maintained to enforce any liability on the bond unless brought within five (5) years after the sale or other act upon which it is based; and  (3) Every bond shall provide for suit on the bond by any person who has a cause of action under this chapter.
AR Code § 23-42-306 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 3 - Broker-Dealers, Agents, and Investment Advisers|§ 23-42-306. Records and reports — Examinations

 (a) Every applicant, registered issuer, registered broker-dealer, or registered investment adviser shall make and keep any accounts, correspondence, memoranda, papers, books, and other records which the Securities Commissioner by rule prescribes. However, this subsection shall not apply to any registered investment adviser that maintains its principal place of business in a state other than Arkansas that:  (1) Is registered or licensed as such in the state in which it maintains its principal place of business; and  (2) Is in compliance with the applicable books and record-keeping requirements of the state in which it maintains its principal place of business.    (b) Every registered broker-dealer, issuer, or investment adviser shall file any financial reports which the commissioner by rule prescribes.  (c) If the information contained in any document filed with the commissioner or the commissioner's designee is or becomes inaccurate or incomplete in any material respect, then the registrant shall promptly file a correcting amendment.  (d)  (1) All the records referred to in subsection (a) of this section are subject, at any time or from time to time, to such reasonable periodic, special, or other examinations by representatives of the commissioner, within or without this state, as the commissioner deems necessary or appropriate in the public interest or for the protection of investors.  (2)  (A) The applicant, issuer, broker-dealer, or investment adviser shall pay a fee for each examination, not to exceed one hundred fifty dollars ($150) per examiner for each day or for each part of a day, during which examiners are absent from the office of the commissioner for the purpose of conducting the examination.  (B) In addition to the fee, the commissioner may require the applicant, issuer, broker-dealer, or investment adviser to pay the actual hotel and traveling expenses of each authorized examiner traveling to and from the office of the commissioner while the examiner is conducting the examination.    (3) For the purpose of avoiding unnecessary duplication of examination, the commissioner, insofar as he or she deems it practicable in administering this subsection, may cooperate with the securities administrators of other states, the Securities and Exchange Commission, any national securities exchange or national securities association registered under the Securities Exchange Act of 1934, or any other jurisdiction, agency, or organization charged by law or statute with regulating or prosecuting any aspect of the securities business, and in so cooperating may share any information he or she or his or her representatives may obtain as a result of any investigation or examination. “Examination” shall include the right to reproduce copies of the records referred to in subsection (a) of this section.
AR Code § 23-42-307 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 2 - Financial Institutions And Securities|Chapter 42 - Arkansas Securities Act|Subchapter 3 - Broker-Dealers, Agents, and Investment Advisers|§ 23-42-307. Unlawful acts by investment advisers

 (a) It is unlawful for any investment adviser or representative:  (1) To employ any device, scheme, or artifice to defraud the other person;  (2) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the other person; or  (3) To make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statement made, in light of the circumstances under which it is made, not misleading.    (b) It is unlawful for any investment adviser to enter into, extend, or renew any investment advisory contract unless it provides in writing that:  (1) Except as may be permitted by rule or order of the Securities Commissioner, the investment adviser shall not be compensated on the basis of a share of capital gains upon, or capital appreciation of, the funds or any portion of the funds of the client. This subdivision (b)(1) does not prohibit an investment advisory contract which provides for compensation based upon the total value of a fund averaged over a definite period, or as of definite dates, or taken as of a definite date;  (2)  (A) No assignment of the contract may be made by the investment adviser without the consent of the other party to the contract.  (B) “Assignment”, as used in this subdivision (b)(2), includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor, or of a controlling block of the assignor's outstanding voting securities, by a security holder of the assignor.  (C) However, if the investment adviser is a partnership, no assignment of an investment advisory contract is considered to result from the death or withdrawal of a minority of the members of the investment adviser having only a minority interest in the business of the investment adviser, or from the admission to the investment adviser of one (1) or more members who, after admission, will be only a minority of the members and will have only a minority interest in the business; and    (3) The investment adviser, if a partnership, shall notify the other party to the contract of any change in the membership of the partnership within a reasonable time after the change.    (c) It is unlawful for any investment adviser to take or have custody of any securities or funds of any client if:  (1) The commissioner by rule prohibits custody; or  (2) In the absence of rule, the investment adviser fails to notify the commissioner that he or she has or may have custody.