(a) Requirements. A registration statement under Arkansas Code § 23-42-401 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., shall contain the following information to be accompanied by the following documents in addition to the information specified in Arkansas Code §§ 23-42-401(b) and 23-42-404(c) and the consent to service of process required by Arkansas Code § 23-42-107(a) of the Arkansas Securities Act:

1. (1) Statement demonstrating eligibility of the issuer for registration by notification, showing that the issuer has been in continuous operation for at least five (5) years, has not been in default during the current fiscal years in the payment of principal, interest, or dividends on any security of the issuer with a fixed maturity or a fixed interest or dividend provision, and satisfied the average net earnings requirements established by Arkansas Code § 23-42-401(a)(1)(B) of the Arkansas Securities Act (identifying all securities subject to the average net earnings requirements and compute the percentage limitations as necessary);
2. (2) One (1) copy of the latest form of prospectus to be used in the offering;
3. (3) Underwriting agreement, agreement among underwriters, and selected dealers agreement;
4. (4) Indenture or copy of any other instrument covering the security to be registered;
5. (5) Signed or conformed copy of opinion of counsel as to the legality of the security being registered;
6. (6) Specimen copy of security;
7. (7) Consent to service of process accompanied by appropriate corporate resolution;
8. (8) One (1) copy of any pamphlet, circular, form letter, advertisement, television, radio, or other sales literature intended as of the effective date to be used in connection with the offering;
9. (9) Method of distribution in Arkansas, including the name of the registered broker-dealer or registered agent of the issuer, as appropriate;
10. (10) Statement describing any stock options or other security options outstanding or to be created in connection with this offering, together with the amount of any options held or to be held by any director or officer of the issuer, and person owning of record or beneficially, if known, ten percent (10%) or more of the outstanding shares of any class of equity security of the issuer, or any person receiving underwriting and selling discounts, commissions, or finder’s fees;
11. (11) An undertaking to forward all amendments to the registration statement and the final prospectus or any further amendments or supplements thereto; and
12. (12) Any other information the Securities Commissioner may require or permit.

(b) Effectiveness.

1. (1) A registration statement shall not be considered as filed for purposes of automatic effectiveness under Arkansas Code § 23-42-401(c) of the Arkansas Securities Act until it contains all information, documents, fees, and other matters required by the Arkansas Securities Act and subsection (a) of this section.
2. (2) In appropriate instances, the commissioner may waive any of the requirements of this section, provided the requirements are not specifically set forth in the Arkansas Securities Act.