Ariz. Admin. Code § 14-4-146

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

Section R14-4-146 - Processing of Initial and Renewal Applications for the Registration or Exemption of Securities Offerings

A. For purposes of this Section, the term "application" includes all documents, information and fees prescribed by the Commission for the registration or exemption of securities under A.R.S. Title 44, Chapter 12, and any rules promulgated under those statutes.

B. Within 30 days after receipt of an initial or renewal application for the registration or exemption of securities, the Commission shall notify the applicant, in writing, that the application is 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 30 days after receipt by the Commission of information in satisfaction of all deficiencies.

C. 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.

D. Within 60 days after receipt of a complete application, 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:

1. 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.

2. 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.

E. For purposes of A.R.S. § 41-1073, the Commission has established the following time-frames:

1. When the Commission approves an application under subsection (D):

a. Administrative completeness review time-frame: 60 days;

b. Substantive review time-frame: 60 days;

c. Overall time-frame: 120 days.

2. When the Commission initiates the denial process and no hearing is requested under subsection (D)(1):

a. Administrative completeness review time-frame: 60 days;

b. Substantive review time-frame: 130 days;

c. Overall time-frame: 190 days.

3. When the Commission initiates the denial process and a hearing is requested under subsection (D)(2):

a. Administrative completeness review time-frame: 60 days;

b. Substantive review time-frame: 280 days;

c. Overall time-frame: 340 days.

F. If an applicant requests, and is granted, an extension or continuance, the appropriate time-frames shall be tolled from the date of the request for the duration of the extension or continuance.

G. When the period of time prescribed in this Section is less than 11 days, intermediate Saturdays, Sundays, and legal holidays shall not be included in the computation. When the period of time prescribed for a specific time-frame is 11 days or more, intermediate Saturdays, Sundays, and legal holidays shall be included in the computation.

H. In lieu of the time-frames established by this Section, the Commission shall process applications for the registration or exemption of certain securities offerings within the time-frames set forth in Table A.

Ariz. Admin. Code § R14-4-146

Adopted effective September 17, 1998 (Supp. 98-3).