ARIZONA INVESTMENT ADVISER/FINANCIAL PLANNER LEGISLATION FAILS TO PASS HOUSE COMMITTEE

March 31, 1992 TO: INVESTMENT ADVISERS COMMITTEE NO. 15-92 ARIZONA ASSOCIATE INVESTMENT ADVISER MEMBERS RE: ARIZONA INVESTMENT ADVISER/FINANCIAL PLANNER LEGISLATION FAILS TO PASS HOUSE COMMITTEE __________________________________________________________ Arizona currently does not require investment advisers to register in the state. However, as we previously informed you, legislation had been introduced in Arizona making it illegal for an investment adviser to solicit clients, to receive compensation for rendering advisory services or for persons to hold themselves out as "financial planners" without being registered with the state. (See Memorandum to Investment Advisers Committee No. 11- 92 and Arizona Associate Investment Adviser Members, dated March 9, 1992.) On March 16, the bill was reported unfavorably by the House committee to which it was referred. Amy B.R. Lancellotta Associate General Counsel