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The State of Arizona Follows a Merit Review Process of Proposed

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The state of Arizona follows a merit review process of proposed securities offerings.The Securities Division reviews proposed offerings to look for problems with fraud.This review is done in addition to the SEC review at the federal level.The state regulators have recently issued an interpretation that provides the state can stop all stock offerings of any firms doing business in Arizona - even if the stock will not be sold to Arizona residents.Can the regulators constitutionally exercise this power?

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In Arizona Corporation Commission v.Medi...

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