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Stephens Inc.

Order granting a discretionary waiver of Rule 302.02(m)(1)(A) of the Rules of the Arkansas Securities Commissioner pursuant to Rule 302.02(m)(7) for certain research analysts and associates required to register as investment adviser representatives of Stephens Inc. (CRD# 3496) as a result of the European Union’s Market in Financial Instruments Directive II (MiFID II).

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