The state of Arizona follows a merit review process of proposed securities offerings. The Securities Division reviews proposed offerings to look for problems with fraud. This review is done in addition to the SEC review at the federal level. The state
regulators have recently issued an interpretation that provides the state can stop all stock offerings of any firms doing business in Arizona - even if the stock will not be sold to Arizona residents. Can the regulators constitutionally exercise this power?
In Arizona Corporation Commission v. Media Products, Inc., 736 P.2d 527 (Az. 1989), the Arizona Supreme Court said no. Such an exercise of power was preempted by federal securities laws, and Arizona could not regulate all securities offerings from its state.
You might also like to view...
When expressing time of day, measurement, or money, you should use _______________
a. numerical figures b. written-out numbers
Japanese manufacturers often pursue a strategy that is part collaboration, part purchasing from a few suppliers, and part vertical integration. What is this approach called?
A) kanban B) keiretsu C) samurai D) poka-yoke E) kaizen
Private health insurance plans contain hospital insurance, physician insurance, and surgical insurance
Indicate whether the statement is true or false.
Negative free cash flow does not automatically signal poor performance.
Answer the following statement true (T) or false (F)