Opinion No.

The Honorable Bobby L. Hogue State Representative Speaker of the House Post Office Box 97 Jonesboro, Arkansas 72403-0097

Dear Speaker Hogue:

This is in response to your request for an opinion on two questions relating to the Arkansas Securities Act (the "Securities Act").

First, you state your understanding that the Arkansas Securities Department (the "Department") interprets A.C.A. § 23-42-301(e), as amended by Act 845 of 1995, "as requiring each broker dealer which has an office in Arkansas to designate at least one principal who is both an Arkansas resident and an officer of the broker…