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Can you summarize 44 AZRS Chapter 12, Article 13?
SALES OF SECURITIESSec: 44-1801-44-2126 >
Short Summary
The provided legal document content consists of multiple sections of the Arizona Revised Statutes governing trade and commerce, specifically addressing fraud in the purchase or sale of securities, liability for false registration statements, liability for untrue statements or omissions in prospectus or oral communication, liability of controlling persons in relation to sales of securities, and restrictions on dealers, salesmen, agents, and persons associated with them in soliciting or accepting remuneration for assisting an attorney in obtaining representation in private actions arising under securities laws. These documents apply to persons involved in transactions within or from the state of Arizona, including exempted securities and transactions, persons acquiring securities offered or sold within or from the state of Arizona, persons who offer or sell securities by means of a prospectus or oral communication, controlling persons in relation to the sales of securities, and dealers, salesmen, agents, and persons associated with them. Exemptions are provided for individuals who have resigned from their positions, taken steps to cease acting in the described capacity, and notified the issuer and relevant authorities in writing. Exemptions are also provided for individuals who were unaware of the registration statement becoming effective and promptly acted upon becoming aware. Exemptions are mentioned under the securities act of 1933 and certain sections of this chapter. A person violating a provision of this article is guilty of a class 4 felony.
Whom does it apply to?
Persons involved in transactions within or from the state of Arizona, including exempted securities and transactions, persons acquiring securities offered or sold within or from the state of Arizona, persons who offer or sell securities by means of a prospectus or oral communication, controlling persons in relation to the sales of securities, and dealers, salesmen, agents, and persons associated with them
What does it govern?
Fraud in the purchase or sale of securities, liability for false registration statements, liability for untrue statements or omissions in prospectus or oral communication, liability of controlling persons in relation to sales of securities, and restrictions on dealers, salesmen, agents, and persons associated with them in soliciting or accepting remuneration for assisting an attorney in obtaining representation in private actions arising under securities laws
What are exemptions?
Exemptions are provided for individuals who have resigned from their positions, taken steps to cease acting in the described capacity, and notified the issuer and relevant authorities in writing. Exemptions are also provided for individuals who were unaware of the registration statement becoming effective and promptly acted upon becoming aware. Exemptions are mentioned under the securities act of 1933 and certain sections of this chapter.
What are the Penalties?
A person violating a provision of this article is guilty of a class 4 felony.
Jurisdiction
Arizona