(a) Requirements. A registration statement under Arkansas Code § 23-42-403 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., shall contain the following information and be accompanied by the following documents in addition to the information specified in Arkansas Code §§ 23-42-403(b) and 23-42-404(c) of the Arkansas Securities Act and the consent to service of process required by Arkansas Code § 23-42-107(a) of the Arkansas Securities Act:

1. (1)

   1. (A) A corporate surety bond posted by the issuer in an amount equaling ten percent (10%) of the maximum aggregate offering price at which the securities being registered are to be offered in this state.
   2. (B) Any investor or security holder of the issuer having a right of action under the Arkansas Securities Act shall have a right of action under the bond, however, in any event, the total liability of the surety to all persons shall not exceed the amounts specified in the bond.
   3. (C) Every bond shall provide that no suit may be maintained to enforce any liability on the bond unless suit is brought within three (3) years after the date of the expiration of the original or renewal registration.
   4. (D) In the event the securities are never issued, and once sufficient proof is provided to the Securities Commissioner, the corporate surety bond may be discontinued or canceled;
2. (2) The name of the broker-dealer or agent registered under the Arkansas Securities Act who will be effecting transactions in the securities being registered in this state;
3. (3) The maximum underwriting and selling discounts or commissions; and
4. (4) Additional information as the commissioner may require or permit.

(b) Prospectus requirements.

1. (1) As a condition of registration by qualification under Arkansas Code § 23-42-403 of the Arkansas Securities Act, a prospectus or offering circular meeting the requirements of the Arkansas Securities Act and this section shall be sent or given to each person to whom an offer is made concurrently with the earliest of the following:

   1. (A) The first written offer made to him or her, other than by means of public advertisement, by or on behalf of the issuer or any other person offering the securities;
   2. (B) The confirmation of the sale;
   3. (C) The payment pursuant to the sale; or
   4. (D) The delivery of the security pursuant to the sale.
2. (2) The commissioner may require that a subscription agreement be signed by each purchaser acknowledging that he or she has received a copy of the prospectus.

3. (3)

   1. (A) The prospectus shall contain full disclosure of all material facts relating to the issuer and the offering and sale of the securities being registered.
   2. (B) The prospectus shall be designated an exhibit to and constitute a part of the registration statement.
   3. (C) A prospectus meeting the requirements of Form S-1, Form U-7, or other uniform forms deemed acceptable to the commissioner, will ordinarily satisfy the requirements of this section.
4. (4) Any information specified in Arkansas Code § 23-42-403(b) of the Arkansas Securities Act or subsection (a) of this section may be included in the prospectus if a cross-reference table is filed showing the location of the information in the prospectus.
5. (5) In the case of any material change relating to the issuer of the offering subsequent to the filing of the prospectus, an amended or revised prospectus shall be filed immediately that reflects the changes.