Arkansas Administrative Code › Agency 006 - Department of Finance and Administration › Division 06 - Racing Commission › Rule 006.06.19-013 - CGR 13 Corporate Licensees

Current through Register Vol. 49, No. 6, June, 2024
13.1594-1
Powers of Commission.
The Commission shall have full and absolute power and authority, to the extent
			 permitted by law, to recommend the granting, denial, limitation, conditioning,
			 restriction, revocation, or suspension of any license, registration, approval,
			 or finding of suitability required or permitted under Rule 13, or any
			 application therefor, or to recommend other disciplinary action, for any cause
			 deemed reasonable by the Commission. The Commission shall have full and
			 absolute power and authority, to the extent permitted by law, to grant, deny,
			 limit, condition, restrict, revoke or suspend any license, registration,
			 approval, or finding of suitability required or permitted under Rule 13, or any
			 application therefor, or to take other disciplinary action for any cause deemed
			 reasonable by the Commission.
13.1594-2
Certain
			 investigations.
The Commission may, in its discretion, make such
			 investigations concerning an applicant under Rule 13, or a licensee, or a
			 registered company, or any person involved with a licensee or a registered
			 company as it may deem appropriate, either at the time of initial licensing or
			 registration or at any time thereafter.
13.1594-3
Certain investigative
			 fees.
In addition to all other fees payable under the Act and
			 regulations, the Commission may require payment of the costs of any
			 investigation conducted subsequent to licensing or registration to the extent
			 of any reasonable fees charged by expert consultants employed by the Commission
			 and actual expenses incurred by the staff for investigations conducted outside
			 the State of Arkansas.
13.1594-4
Burden of proof.
The burden of proof with respect to the granting
			 of any license, approval, registration, or finding of suitability required or
			 permitted by Rule 13 shall at all times be upon the person applying for or
			 holding such license, approval, registration, or finding of suitability. Each
			 applicant shall satisfy the Commission that the granting of an application for
			 action required or permitted by Rule 13 is consistent with the state policies
			 concerning gaming.
13.1594-5
Disclosure of family agreements/information.
With respect to any
			 requirement in these Rules, or other provisions of Rules of the Commission, for
			 filing or disclosure of any family shareholders agreement, family limited
			 partnership agreement, family limited liability company operating agreement, or
			 family trust; unless otherwise required by the Commission, such requirement may
			 be satisfied by the stockholder(s), general partner(s), managing member(s) or
			 trustee(s), as the case may be, providing reasonable access to a copy of the
			 family shareholders agreement, family limited partnership agreement, family
			 limited liability company operating agreement , or trust instrument, as the
			 case may be, (including any and all amendments thereto), certified as true,
			 correct and complete by said stockholder(s), general partner(s), managing
			 member(s) or trustee(s), as the case may be, for review by any member of the
			 Commission and the Commission attorney upon any request by the member of the
			 Commission and/or the Commission attorney to review said document.
13.1594-6
Prohibition with respect to
			 ownership of corporate licensees.
No person shall acquire any equity
			 security issued by a corporate licensee or a holding company, nor become a
			 controlling affiliate of a corporate licensee or a holding company, nor become
			 a holding company of a corporate licensee or a holding company without first
			 obtaining the prior approval of the Commission in accordance with these
			 Rules.
13.1594-7
Prohibitions
			 with respect to the distribution or transfer of securities.
It shall be
			 grounds for disciplinary action under the Amendment and Rules if any person
			 shall, in connection with the purchase or sale of any security issued by a
			 corporate licensee or a holding company, or in connection with any document
			 required to be filed pursuant to these Rules or the Amendment:
(a) Employ any device, scheme or artifice to
			 defraud; or
(b) Make any untrue
			 statement of a material fact or omit to state a material fact necessary in
			 order to make the statements made, in the light of the circumstances under
			 which they were made, not misleading; or
(c) Engage in any act, practice, or course of
			 business which operates or would operate as a fraud or deceit upon any person;
			 where such device, scheme, artifice, statement, act, practice or course of
			 business relates to gaming or the revenues from gaming or gaming operations;
			 or
(d) Cause any document,
			 correspondence, filing or statement containing materially untrue, incorrect or
			 misleading information to be made or filed with the Commission, regardless of
			 whether said information has been made or filed with another regulatory
			 agency.