AZ HB2428

Amends section 44-3159 of Arizona Revised Statutes regarding financial reporting requirements for licensed investment advisers and investment adviser representatives.

Removes the requirement for audited balance sheets for investment advisers that have custody of client monies or securities.

Maintains audited balance sheet requirement only for investment advisers that require payment of advisory fees six months or more in advance and in excess of $500 per client.

Requires financial statements to be filed with the commission within 90 days after the end of the investment adviser's fiscal year.

Exempts investment advisers with principal place of business in another state if they are registered in that state and comply with its financial reporting requirements.