The Securities Division would like to inform you of the following activity affecting the securities and financial services industry in Arizona.

PROPOSED RULEMAKING - The Notice of Proposed Rulemaking ("NPRM") contains a brief explanation of the rule, including the Corporation Commission's reason for promulgating the rule, the text of the proposed rule or amendment, and general information such as any public hearing date and the Securities Division contact. PLEASE NOTE: Due to comments received during the course of the rulemaking process, the text of the rule or amendment as initially proposed in the NPRM may change. The changes will not be reflected in the NPRM. Be sure to consult the Notice of Final Rulemaking ("NFRM") for the final version.

PROPOSED LEGISLATION