Ark. Code Ann. » Title 23 Chapter 42
Arkansas Code Annotated

Ark. Code Ann. § 23-42-212 (2020)

Registration or availability of exemption not construed as approval by Securities Commissioner — Inconsistent representation

✓ Arkansas Code release r76: Acts through about 2020 (2021-2025 sessions missing)
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    1. Neither the fact that an application for registration, a notice filing, or a registration statement has been filed nor the fact that a person or security is effectively registered constitutes a finding by the Securities Commissioner that any document filed under this chapter is true, complete, and not misleading.
    2. Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the commissioner has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, security, or transaction.
  2. It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with subsection (a) of this section.

History. Acts 1959, No. 254, § 17; A.S.A. 1947, § 67-1251; Acts 1997, No. 173, § 10.

Case Notes

Cited: Hardcastle v. State, 25 Ark. App. 157, 755 S.W.2d 228 (1988).

Notes of Decisions
Cited in 2 cases, 1988–2013 · leading case: Hardcastle v. State, 755 S.W.2d 228 (Ark. Ct. App. 1988).
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Hardcastle v. State, 755 S.W.2d 228 (Ark. Ct. App. 1988). · cites it 2× “1980) [ Ark. Code Ann. § 23-42-212 (1987)] states that registration of a security does not indicate that the Commission has made any recommendation or passed on the merits of the security, Ark.”
First Arkansas Bank & Trust v. Gill Elrod Ragon Owen & Sherman, P.A., 2013 Ark. 159, 427 S.W.3d 47. “uity to recover the consideration paid for the security, together with interest at six percent (6%) per year from the date of payment, costs, and reasonable attorney’s fees, less the amount of any income received on the security, upon the tender of the security, or for damages…”
Ark. Code Ann. § 23-42-212(b): 1 case
First Arkansas Bank & Trust v. Gill Elrod Ragon Owen & Sherman, P.A., 2013 Ark. 159, 427 S.W.3d 47. “uity to recover the consideration paid for the security, together with interest at six percent (6%) per year from the date of payment, costs, and reasonable attorney’s fees, less the amount of any income received on the security, upon the tender of the security, or for damages…”
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