A. Before entering an order denying, suspending or revoking the license of an investment adviser or investment adviser representative pursuant to article 6 of this chapter, the commission shall send to the investment adviser or investment adviser representative, and, if an investment adviser representative, to the investment adviser who employs or intends to employ the investment adviser representative, a notice of a hearing or notice of an opportunity for a hearing.

Terms Used In Arizona Laws 44-3212

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • 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

  • Person: means an individual, corporation, partnership, association, joint stock company or trust, limited liability company, government or governmental subdivision or agency or any other unincorporated organization. See Arizona Laws 44-1801
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Writing: includes printing. See Arizona Laws 1-215

B. Before entering an order to cease and desist or an order for rescission, restitution or penalties, the commission shall serve on each respondent a notice of a hearing or a notice of an opportunity for a hearing. The commission by rule may provide for temporary cease and desist orders if the public welfare requires immediate action.

C. Notice of a hearing or notice of an opportunity for a hearing shall be served as prescribed by rules adopted by the commission for service of subpoenas and cease and desist orders. The notice shall contain a statement of the matters to be considered. A notice of an opportunity for a hearing shall state that the person to whom the notice is sent will be afforded a hearing on request to the commission if the request is made in writing within ten days after receipt of the notice.

D. If a person requests a hearing in accordance with this article, the commission shall set a date, time and place for the hearing and shall immediately notify the person requesting the hearing of the date, time and place for the hearing. The date set for the hearing shall be within sixty days, but not earlier than twenty days after the request for a hearing has been made, unless otherwise agreed to by both the commission and the person requesting the hearing.

E. If the hearing is initiated by the commission the notice of the hearing shall specify the date, time and place of the hearing and the date of the hearing shall be within twenty days of the date of the notice of the hearing.

 

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