Arizona Administrative Code
Title 14 - PUBLIC SERVICE CORPORATIONS; CORPORATIONS AND ASSOCIATIONS; SECURITIES REGULATION
Chapter 4 - Corporation Commission - Securities
Article 1 - IN GENERAL RELATING TO THE ARIZONA SECURITIES ACT
Section R14-4-147 - Processing of Applications for Dealer and Salesman Registration

Universal Citation: AZ Admin Code R 14-4-147

Current through Register Vol. 30, No. 38, September 20, 2024

A. For purposes of this Section, the term "application" includes all documents, information and fees prescribed by the Commission under A.R.S. Title 44, Chapter 12, Articles 5 and 9 and any rules promulgated under those statutes.

B. The Commission shall provide notices of deficiency, completeness or approval, as required under this Section, either in writing or through the CRD system.

C. The following provisions apply to applications for dealer registration:

1. Within 21 days after receipt of an application for dealer registration, the Commission shall notify the applicant that the application is either 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 21 days after receipt by the Commission of information in satisfaction of all deficiencies.

2. 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.

3. Within 60 days after receipt by the Commission of a complete application and the approval of the application by both the National Association of Securities Dealers and the state of the dealer's principal place of business if other than Arizona, 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:

a. 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.

b. 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.

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

a. When the Commission approves an application under subsection (C)(3):

i. Administrative completeness review time-frame: 42 days;

ii. Substantive review time-frame: 60 days;

iii. Overall time-frame: 102 days.

b. When the Commission initiates the denial process and no hearing is requested under subsection (C)(3)(a):

i. Administrative completeness review time-frame: 42 days;

ii. Substantive review time-frame: 130 days;

iii. Overall time-frame: 172 days.

c. When the Commission initiates the denial process and a hearing is requested under subsection (C)(3)(b):

i. Administrative completeness review time-frame: 42 days;

ii. Substantive review time-frame: 280 days;

iii. Overall time-frame: 322 days.

D. The following provisions apply to applications for salesman registration:

1. Within 30 days after receipt of an application for salesman registration, the Commission shall notify the applicant that the application is either 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.

2. An application will not be deemed complete until the Commission receives notice through the CRD system, or otherwise, that the applicant:

a. Has passed all of the required examinations;

b. Is not seeking dual registration; and

c. Is not under special review status by the National Association of Securities Dealers.

3. 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.

4. Within 60 days after receipt of a complete application, and the approval of the application by both the National Association of Securities Dealers and the state of the salesman's principal place of business if other than Arizona, 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:

a. 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.

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

a. When the Commission approves an application under subsection (D)(4):

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

ii. Substantive review time-frame: 60 days;

iii. Overall time-frame: 120 days.

b. When the Commission initiates the denial process and no hearing is requested under subsection (D)(4)(a):

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

ii. Substantive review time-frame: 130 days;

iii Overall time-frame: 190 days.

c. When the Commission initiates the denial process and a hearing is requested under subsection (D)(4)(b):

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

ii. Substantive review time-frame: 280 days;

iii. Overall time-frame: 340 days.

E. If an applicant under this Section 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.

F. 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.

G. The Commission shall renew registrations under this Section upon receipt by the Commission of the registration fee, as required by A.R.S. § 44-1861.

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