AR SB362

Amends the definition of "broker-dealer" under Arkansas securities law to clarify exemptions for persons with no place of business in Arkansas, including those effecting transactions only with issuers, other broker-dealers, or financial institutions, and those limiting transactions to no more than three persons in a 12-month period.

Establishes new exemptions for Canadian residents without Arkansas offices who comply with specific conditions including registration in their home province, membership in a Canadian self-regulatory organization, and disclosure to clients that they are not subject to full regulatory requirements.

Updates references to the Investment Advisers Act of 1940 from January 1, 2009 to January 1, 2011 for SEC-registered investment advisers and representatives.

Requires broker-dealers and investment advisers to establish, maintain, and enforce supervisory systems reasonably designed to achieve compliance with Arkansas securities laws and federal regulations, including written procedures and appointment of supervisory agents or representatives.

Mandates broker-dealers with branch offices in Arkansas to designate at least one resident principal for supervisory responsibility, with larger operations able to designate multiple resident principals for different branch offices.