§ 2.9.5.1

• Jurisdiction: Arizona

§ 2.9.5.1 The Decision to Draft a New Securities Act

Once appointed Director of the Securities Division, Hastings, with Jacobson's assistance, quickly expanded the Securities Committee's work into drafting an entirely new securities act.³⁶¹ The task was a challenging one. The existing laws needed to be entirely scrapped.³⁶² An obvious model for a new act did not exist. In broad terms, the states could be grouped according to whether their securities laws provided for one or more of the following:

 Registration or qualification of securities;

? Registration of dealers and salespersons who sell securities;

? Fraud prevention through criminal penalties or civil remedies.³⁶³

No two states had the same provisions.³⁶⁴...