Arizona Laws 44-3202. Entry of order of denial, suspension or revocation
A. If, after a hearing or notice and an opportunity for a hearing as provided in article 7 of this chapter, the commission finds grounds to deny, suspend or revoke the license of an investment adviser or investment adviser representative, the director shall enter an order denying, suspending or revoking the license of the investment adviser or investment adviser representative. The order shall state specifically the grounds for its issuance and shall be filed with docket control of the commission.
Terms Used In Arizona Laws 44-3202
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Director: means the director of the securities division of the commission. See Arizona Laws 44-1801
- Docket: A log containing brief entries of court proceedings.
- Investment adviser: means any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing or selling securities or who, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See Arizona Laws 44-3101
- Investment adviser representative: means any partner, officer or director of an investment adviser, any individual who occupies a status or performs functions similar to a partner, officer or director of an investment adviser or any other individual who is employed by or associated with an investment adviser, except clerical or ministerial personnel, and who does any of the following:
(a) Makes any recommendations or otherwise renders advice regarding securities. See Arizona Laws 44-3101
- Licensed investment adviser: means an investment adviser licensed under this chapter. See Arizona Laws 44-3101
B. A copy of the order shall be sent by certified mail to the investment adviser or investment adviser representative whose license is denied, suspended or revoked, and if the denial, suspension or revocation of the license is of an investment adviser representative, to the licensed investment adviser who employs the investment adviser representative.
C. Denial, suspension or revocation of the license of an investment adviser also suspends or revokes the license of all of the investment adviser’s investment adviser representatives, but suspension or revocation of the license of an investment adviser representative solely because the investment adviser representative was employed by an investment adviser whose license was denied, suspended or revoked does not prejudice subsequent applications for licensure by the investment adviser representative.
D. An investment adviser or investment adviser representative that has voluntarily terminated or allowed the adviser’s or representative’s license to lapse shall continue to be subject to actions by the commission under this article in connection with conduct that began before the termination or lapse of the license. Any action by the commission under this article against an investment adviser or investment adviser representative shall begin within two years after termination or lapse of the license.