Ariz. Admin. Code § 14-4-131

Current through Register Vol. 30, No. 25, June 21, 2024

Section R14-4-131 - Supervision of Salesmen

For purposes of A.R.S. §§ 44-1961(A)(12) and 44-1962(A)(11), no person shall be deemed to have failed to reasonably supervise any other person if:

1. There have been established and maintained written procedures, and a system for applying such procedures, which would reasonably be expected to prevent and detect, insofar as practicable, any such violation by such other person of the Arizona Securities Act, or of any rule or regulation adopted thereunder; and

2. Such person has reasonably discharged the duties and obligations incumbent upon that person by reason of such procedures and system without reasonable cause to believe that such procedures and system were not being complied with.

Ariz. Admin. Code § R14-4-131

Adopted effective November 4, 1992 (Supp. 92-4). Amended by final rulemaking at 8 A.A.R. 3655, effective July 31, 2002 (Supp. 02-3).