(a) If a corporation, partnership, limited partnership, limited liability company, or other business organization applying for or holding a state casino license is or becomes owned or controlled, in whole or in part, by a private investment company, or if a private investment company applies for or holds a state casino license, the private investment company shall:

1. (1) Maintain a ledger in its principal office or the principal office of its subsidiary which is licensed to conduct gaming in this state, which must:

   1. (A) Reflect the ownership of record of each holder of economic securities and voting securities in the private investment company; and
   2. (B) Be available for inspection by the Arkansas Racing Commission and their authorized agents at all reasonable times without notice;

2. (2) Subject to subdivision (a)(4) of this section, register with the commission and provide the following information to the commission:

   1. (A) The organization, financial structure, and nature of the business of the private investment company, including the names of all key executives and employees actively and directly engaged in the administration or supervision of the activities of the casino licensee, and the names, addresses, and percentage ownership interest held of record by each economic security holder and each voting security holder;
   2. (B) The rights and privileges accorded the holders of different classes of its authorized economic securities and voting securities;
   3. (C) The terms on which its economic securities and voting securities are to be, and during the preceding three (3) years have been, offered by the private investment company to the public or otherwise initially issued by it;
   4. (D) The terms and conditions of all its outstanding loans, mortgages, trust deeds, pledges, or any other indebtedness or security device, directly relating to the gaming activities of the casino licensee;
   5. (E) The extent of the economic securities and voting securities of record in the private investment company held by all key executives and any employees, and any payment received by any such persons from the private investment company for each of its three (3) preceding fiscal years for any reason whatever;
   6. (F) Remuneration exceeding one hundred thousand dollars ($100,000) per annum to persons other than key executives and employees who are actively and directly engaged in the administration or supervision of the gaming activities of the casino licensee;
   7. (G) Bonus and profit-sharing arrangements of the private investment company directly or indirectly relating to the gaming activities of the casino licensee;
   8. (H) Management and service contracts of the private investment company directly or indirectly relating to the gaming activities of the casino licensee;
   9. (I) Options existing or from time to time created in respect of its economic securities and voting securities;
   10. (J) Balance sheets, certified by independent public accountants, for at least the three (3) preceding fiscal years, or if the private investment company is fewer than three (3) years old, balance sheets from the time of its formation;
   11. (K) Profit and loss statements, certified by independent certified public accountants, for at least the three (3) preceding fiscal years, or, if the private investment company is fewer than three (3) years old, profit and loss statements from the time of its formation;
   12. (L) A description of the private investment company’s affiliated companies and intermediary companies, and the various casino licenses and approvals obtained by those entities; and
   13. (M)

(i) Any further information within the knowledge or control of the private investment company which either the commission may deem necessary or appropriate for the protection of this state, or licensed gambling, or both.

1. (ii) The commission may make such investigation of the private investment company or any of its key executives, interest holders, or other persons associated therewith as it deems necessary;
2. (3) Upon request of the commission, furnish to the commission a noninterference letter, in a form acceptable to the commission, which provides that the investment managers and institutional investors described in this part will not take any action to influence the controlling persons or key executives described in this part, as applicable, in the exercise of their management or voting rights in respect of the gaming activities of the private investment company or any of its affiliated, intermediary, or subsidiary companies, and that such controlling persons or key executives, as applicable, are authorized to exercise such rights independently of, and without consultation with, the investment managers and institutional investors; and
3. (4) A private investment company registered with the commission as a publicly traded corporation will be considered registered for purposes of this section and will not be required to reregister under subdivision (a)(2) of this section following the submission to the commission and an approval by the commission of an application to convert the registration to that of a private investment company.