Opinion No.

The Honorable Doug Wood State Representative 215 North Claremont Sherwood, Arkansas 72116

Dear Representative Wood:

This is in response to your request for an opinion concerning the authority of the Arkansas Securities Commissioner to promulgate "markup" guidelines. You indicate that the Commissioner has set guidelines in the form of set percentages that broker/dealers should charge on the transfer of various "riskless" securities, and you are concerned that there is no statutory authority for this exercise of authority by the Commissioner, and that the guidelines amount to unauthorized "de…