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.

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 transition 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.