- (a) The Arkansas Racing Commission or its representatives may, at its discretion, conduct any investigation with respect to an applicant, or any person related with an applicant who it deems pertinent, either at the time of the initial application or at any subsequent time.
- (b) It shall be the continuous duty of any applicant or holder of a service industry license to fully cooperate with the Arkansas Racing Commission or its representatives during any investigation and provide any supplementary information that the Arkansas Racing Commission or its representatives requests.
(c)
- (1) It shall be the duty of any applicant or holder of a service industry license to notify the Arkansas Racing Commission within ten (10) business days of any proposed changes in the ownership of the applicant or licensee.
- (2) If the applicant or holder of a service industry license is a publicly traded company, it does not have to report changes in ownership unless the change represents five percent (5%) or more of the total shares issued and outstanding or ten percent (10%) or more of the total shares issued and outstanding if the change is the result of an institutional investor.
- (3) In such cases, the licensee shall provide the Arkansas Racing Commission with copies of the most recent notice filed with the Securities and Exchange Commission.
- (4) All proposed new owners shall submit to the Arkansas Racing Commission or its representatives an initial service industry license application, which must be approved by the Arkansas Racing Commission.
- (5) Any failure to comply with this rule shall be grounds for revocation of an existing license or denial of an application for a license.