Ariz. Admin. Code § R14-4-143 - General Dissemination of Information on the Internet
A. Dealers and salesmen who use the Internet
to distribute information on products and services directed generally to anyone
having access to the Internet shall not be deemed to be selling, purchasing, or
offering to sell or buy any securities in Arizona for purposes of Article 4 of
the Securities Act of Arizona based solely on that activity if the following
conditions are observed:
1. The Internet
communication includes a clear and prominent statement that the dealer or
salesman may only sell, purchase, or offer to sell or buy any securities in
Arizona if first compliant with or exempt from registration
requirements.
2. The dealer or
salesman complies with the statement contained in the Internet communication
under subsection (A)(1).
3. The
Internet communication is subject to a mechanism, policy, or procedure
reasonably designed to ensure that, prior to any sale, purchase, or offer to
sell or buy in connection with prospective customers or clients in Arizona, the
dealer or salesman is first compliant with or exempt from registration
requirements.
4. The Internet
communication does not involve either effecting or attempting to effect
transactions in securities, the rendering of investment advice for
compensation, or individualized solicitation or negotiations for the sale of
investment advisory services in Arizona.
5. In the case of a salesman:
a. The affiliation with a dealer is
prominently disclosed in the Internet communication.
b. The dealer with whom the salesman is
associated first authorizes the Internet communication.
c. The dealer with whom the salesman is
associated retains responsibility for reviewing and approving the content of
any Internet communication.
d. In
distributing information through the Internet, the salesman acts within the
scope of the authority granted by the dealer.
B. Compliance with this Section relieves the
dealer or salesman from registration requirements only. The dealer or salesman
is subject to Article 13 of the Securities Act of Arizona and related
regulations.
Notes
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