Arizona Administrative Code › Title 14 - PUBLIC SERVICE CORPORATIONS; CORPORATIONS AND ASSOCIATIONS; SECURITIES REGULATION › Chapter 4 - Corporation Commission - Securities › Article 1 - IN GENERAL RELATING TO THE ARIZONA SECURITIES ACT › Section R14-4-147 - Processing of Applications for Dealer and Salesman Registration

Current through Register Vol. 30, No. 28, July 12, 2024
A. For purposes of
				this Section, the term "application" includes all documents, information and
				fees prescribed by the Commission under A.R.S. Title 44, Chapter 12, Articles 5
				and 9 and any rules promulgated under those statutes.
B. The Commission shall provide notices of
				deficiency, completeness or approval, as required under this Section, either in
				writing or through the CRD system.
C. The following provisions apply to
				applications for dealer registration:
1.
				Within 21 days after receipt of an application for dealer registration, the
				Commission shall notify the applicant that the application is either complete
				or deficient. If the application is deficient, the notice shall specify all
				deficiencies. Unless otherwise notified by the Commission, an application will
				be deemed complete 21 days after receipt by the Commission of information in
				satisfaction of all deficiencies.
2. An applicant with a deficient application
				shall supply the information in satisfaction of the deficiencies within the
				time permitted by A.R.S. §
										44-1861(K).
				If the applicant fails to provide the information, the Commission may abandon
				the application under A.R.S. §
										44-1861(K).
				An applicant whose application has been abandoned may reapply by submitting a
				new application.
3. Within 60 days
				after receipt by the Commission of a complete application and the approval of
				the application by both the National Association of Securities Dealers and the
				state of the dealer's principal place of business if other than Arizona, the
				Commission shall approve the application or initiate the denial process by
				filing a notice of an opportunity for a hearing under
				R14-4-306.
				When a notice of an opportunity for a hearing is filed:
a. If the applicant does not request a
				hearing, the Commission shall approve, deny or take other appropriate action
				regarding the application within 70 days after service of the notice.
b. If the applicant requests a hearing, the
				applicant shall do so within 10 days after receipt of the notice. The
				Commission shall approve, deny or take other appropriate action regarding the
				application within 210 days after the applicant's request is docketed with the
				Commission.
4. For
				purposes of A.R.S. §
										41-1073,
				the Commission has established the following time-frames:
a. When the Commission approves an
				application under subsection (C)(3):
i.
				Administrative completeness review time-frame: 42 days;
ii. Substantive review time-frame: 60
				days;
iii. Overall time-frame: 102
				days.
b. When the
				Commission initiates the denial process and no hearing is requested under
				subsection (C)(3)(a):
i. Administrative
				completeness review time-frame: 42 days;
ii. Substantive review time-frame: 130
				days;
iii. Overall time-frame: 172
				days.
c. When the
				Commission initiates the denial process and a hearing is requested under
				subsection (C)(3)(b):
i. Administrative
				completeness review time-frame: 42 days;
ii. Substantive review time-frame: 280
				days;
iii. Overall time-frame: 322
				days.