AR Code § 23-42-204 (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|§ 23-42-204. Rules, forms, and orders of Securities Commissioner

 (a) The Securities Commissioner, from time to time, may make, amend, and rescind any rules, forms, and orders which are necessary to carry out the provisions of this chapter. This includes rules and forms governing registration statements, applications, notice filings, and reports and defining any terms, whether or not used in this chapter, insofar as the definitions are not inconsistent with the provisions of this chapter. For the purpose of rules and forms, the commissioner may classify securities, persons, and matters within his or her jurisdiction and prescribe different requirements for different classes.  (b) No rule, form, or order may be made, amended, or rescinded unless the commissioner finds that the action is necessary or appropriate in the public interest, or for the protection of investors, and consistent with the purposes fairly intended by the policy and provisions of this chapter.  (c)  (1) In prescribing rules and forms, the commissioner may cooperate with the securities administrators of the other states, individually and as a group represented by the North American Securities Administrators Association, with the Securities and Exchange Commission, and with self-regulatory organizations with a view to effectuating the policy of this chapter to achieve maximum uniformity in the form and content of registration statements, applications, rules, and reports wherever practicable.  (2) When the commissioner incorporates by reference in the rules and forms of the commissioner a form, rule, or portion thereof in accordance with this subsection, any change in that form, rule, or portion thereof shall become part of the rules and forms of the commissioner, unless the commissioner shall by order decline to accept the change within thirty (30) days of its adoption or promulgation.    (d)  (1) The commissioner may by rule or order prescribe:  (A) The form and content of financial statements required under this chapter;  (B) The circumstances under which consolidated financial statements shall be filed; and  (C) Whether any required financial statements shall be certified by independent or certified public accountants.    (2) All financial statements shall be prepared in accordance with generally accepted accounting practices.    (e) All rules and forms of the commissioner shall be published.  (f) No provision of this chapter imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, or order of the commissioner, notwithstanding that the rule, form, or order may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.  (g)  (1) The commissioner may by order require an issuer, broker-dealer, or agent to obtain from the purchaser, in any initial sale of a security effected by means of a prospectus, a written statement signed by the purchaser that he or she had received a copy of the prospectus prior to his or her purchase of the security.  (2) The order may require the issuer, broker-dealer, or agent to keep a copy of the written statement at the principal office of the issuer, broker-dealer, or agent, subject to inspection by the commissioner or his or her agent for a period not to exceed two (2) years.  (3) This subsection shall not be applicable to the subsequent sale of the same securities to the same purchaser.