and Investment Adviser Representative Exemptions
A.R.S. § 44-3152(A): de minimis exemption for investment advisers.
A.R.S. § 44-3152(B): Private Fund Adviser Exemption. Effective September 1, 2016.
A.R.S. § 44-3152(J): exemption for registered dealers and salesmen.
A.A.C. R14-4-145: for purposes of electonic venture capital networks, exempts Networks and Operators, as defined by rule 145, from dealer or salesman
registration and investment adviser or investment adviser representative licensure.
A.A.C. R14-6-106: investment advisers and investment adviser representatives who use the Internet to distribute information on products and
services are not deemed to be transacting business in Arizona if the Internet is used in compliance with rule 106.
A.A.C. R14-6-210: excludes from the definition of investment adviser representative individuals who are employed by federal covered advisers
if certain criteria are met.
A.A.C. R14-6-211: excludes from the definition of investment adviser representative an individual who solicits if that individual both does
not solicit on a regular basis and does not receive remuneration.