Securities Division

Securities Registration Exemptions
and Covered Securities Filings

Filings for Covered Securities

For filing and fee requirements relating to covered securities as defined by section 18 of the Securities Act of 1933, see the following Arizona statutes:

• Section 18(b)(2) [investment companies]: A.R.S. §§ 44-3321 through 44-3325.
• Section 18(b)(3) [qualified purchasers]:  A.R.S. § 44-1843.02(B).
• Section 18(b)(4)(C) [municipal securities]:  A.R.S. § 44-1843.01(C), with respect to five categories of securities defined in A.R.S. § 44-1843.02(C).
• Section 18(b)(4)(D) [Rule 506 compliant offerings]:  A.R.S. § 44-1843.02(C). To comply with the notice filing requirement, send a copy of Form D and the filing fee for $250 to the Arizona Securities Division. The Form D and filing fee can be submitted online through the Division's Form D Filing Page.

Exemptions From Securities Registration

The following statutes and rules provide exemptions from registration requirements for securities transactions in compliance with the relevant statute or rule.  For interpretive guidance, see no-action letters issued by the Securities Division.  For additional information regarding exemptions, see  Raising Capital.

Exemptions with filing and fee requirements:

• A.R.S. § 44-1843(A) exempts specified types of securities from securities registration requirements.  Self-executing, except that subsection (B) requires that a fee be filed within thirty days after the first sale in Arizona of some of the types of securities.  With respect to securities exempt pursuant to A.R.S. § 44-1843(A)(1) (securities issued or guaranteed by governmental agencies), A.R.S. § 44-1843.01(B) imposes additional filing requirements on five categories of securities defined in A.R.S. § 44-1843.01(A).
• A.R.S. § 44-1844(A)(21): Regulation D, Rule 504 Sophisticated Investor exemption. Notice filing required. No fee.
• A.R.S. § 44-1844(D) provides an exemption for INTRASTATE crowdfunding offerings. Notice filing required. No fee. 
  Information about INTERSTATE crowdfunding at the federal level may be found on the SEC’s web-site at http://secsearch.sec.gov/search?utf8=%3F&affiliate=secsearch&query=crowdfunding.
• A.R.S. § 44-1846 provides a procedure to petition the Corporation Commission for a specific issuer and issue in compliance with A.A.C. R14-4-127.  $200.00 fee [A.R.S. § 44-1861(H)].
• A.R.S. § 44-1850:  viatical or life settlement investment contracts.  No fee.
• A.A.C. R14-4-101:  an issuer aggregate of $500,000 to existing stockholders and employees.  See also  A.A.C. R14-4-123 for financial information requirements.  $100.00 fee [A.A.C. R14-4-101(E)].
• A.A.C. R14-4-102:  an issuer aggregate of $100,000 to not more than ten persons.  See also A.A.C. R14-4-123 for financial information requirements.  $100.00 fee [A.A.C. R14-4-102(E)]. 
• A.A.C. R14-4-126:  federal Regulation D, rules 505 and 506, equivalent.  R14-4-126(F) is the safe harbor for private placements pursuant to A.R.S. § 44-1844(A)(1).  $250.00 initial fee; $100.00 final fee [A.A.C. R14-4-126(D)(7)].
• A.A.C. R14-4-135:  a transation effective with the SEC on Form F-7, F-8, F-9, or F-10.  $100.00 fee [A.A.C. R14-4-135(2)].
• A.A.C. R14-4-137:  securities issued pursuant to a court or governmental order.  $100.00 fee [A.R.S. § 44-1861(G)].
• A.A.C. R14-4-139:  public offerings for qualified purchasers.  This exemption is available only for offerings exempt from federal registration pursuant to the intrastate exemption or 17 CFR 230.1001.  $100.00 fee [A.A.C. R14-4-139(N)].
• A.A.C. R14-4-140:  accredited investor offering in compliance with federal Regulation D, rule 504.  $100.00 fee [A.A.C. R14-4-140(L)]. 
• A.A.C. R14-4-141:  solicitation of interest prior to the filing of a registration statement.  $100.00 fee [A.A.C. R14-4-141(B)(3)]. 
• A.A.C. R14-4-148:  transactions effected by Canadian dealers and salesmen.  $100.00 fee [A.A.C. R14-4-148(F)(3)].

Self-Executing Exemptions:

Self-executing exemptions contain no filing or fee requirement.

• A.R.S. § 44-1843(A) exempts specified types of securities from securities registration requirements.  Self-executing, except as provided in subsection (B) and A.R.S. § 44-1843.01.
• A.R.S. § 44-1844(A) exempts specified types of transactions from securities registration requirements.
• A.A.C. R14-4-128:  unsolicited transactions. 
• A.A.C. R14-4-136:  an offering that satisfies the requirements of federal rule 701. 
• A.A.C. R14-4-138:  foreign security exemption.
• A.A.C. R14-4-149:  offers made in connection with a pending application.