The Legal Section of the Arkansas Securities Department includes a general counsel and a staff of six attorneys who represent the Department in all litigation and enforcement actions and are responsible for analyzing legislation, promulgating regulations, and responding to requests for interpretive opinions from licensees and the public. On this page, you’ll find important information about acts, policies, rules, orders, legal opinions, and more.
Acts
The acts enforced by the Arkansas Securities Department.
Rules
The rules promulgated by the Arkansas Securities Department.
Proposed Rules
Current proposed amendments to the statues and rules and recently enacted statutory amendments and adopted rules.
Orders
Coinme Inc.
10/08/2026
A Settlement Agreement and Consent Order entered in connection with certain money transmitter practices committed in violation of the Arkansas Uniform Money Services Act.
John Mark Downing f/k/a John Mark Eseppi
09/17/2026
A Cease and Desist Order directing Respondent to immediately cease and desist from acting as an unregistered investment adviser and broker-dealer, offering and selling unregistered securities, and engaging in fraudulent conduct in connection with the offer and sale of securities and investment advisory activity.
Ledgebrook, Inc. (Series C)
09/01/2026
A Consent Order entered against an issuer of securities for a late exemption filing with the Department pursuant to Ark. Code. Ann. § 23-42-504(a)(13) and Rule 23 CAR § 300-504(b)(1)(M)(ii)(n).
Pleadings
John Mark Downing f/k/a John Mark Eseppi
09/17/2026
A Request for a Cease and Desist Order directing Respondent to immediately cease and desist from acting as an unregistered investment adviser and broker-dealer, offering and selling unregistered securities, and engaging in fraudulent conduct in connection with the offer and sale of securities and investment advisory activity.
Nemex Bank, Inc.
08/26/2026
A Request for Cease and Desist Order directing Nemex Bank Inc. to immediately cease and desist from all money transmitter activity in Arkansas until properly licensed.
Monument Traders Co. Pty. Ltd., Windsor Advisors Group LLC, and Lance Brokaw
03/16/2026
A Request for a Cease and Desist Order directing Respondents to immediately Cease and Desist from the fraudulent sale and use of proceeds of unregistered securities in the form of investment contracts to Arkansas investors.
Legal Opinions
ALCOVA Mortgage
06/19/2023
A request for the Department to issue a no action letter regarding compliance requirements of adverse action notices required by Ark. Code Ann. § 4-93-104(a)(4).
Hourly, Inc.
10/11/2022
A request for the Department to issue a no-action letter
concerning the claim of exemption from licensing
requirements contained in the Arkansas Money Services
Act for Hourly, Inc.
Green Bay Packers, Inc.
11/02/2021
A request for the Department to issue a no-action letter regarding the offering of shares of Green Bay Packers, Inc.‘s common stock.
Policies
Joint Bulletin – Sales or Investment Advice Related to Securities Products by Insurance Providers
09/18/2009
The Arkansas Securities Department and the Arkansas Insurance Department joined together to issue this joint bulletin and provide public notice to all insurance producers/agents of certain recommendations that constitute the offering of investment advice under the Arkansas Securities Act. It is unlawful to offer investment advice unless one is registered (licensed) with the Arkansas Securities Department as an investment adviser or investment adviser representative.
Policy Statement Regarding Statement on Subprime Mortgage Lending
06/18/2008
Arkansas Securities Commissioner A. Heath Abshure has issued this Policy Statement to adopt the Statement on Subprime Mortgage Lending. The objective is to achieve uniformity in the regulation of the mortgage industry, whether the industry participants are federally insured or non-federally insured entities.
Policy Statement Regarding Requests for Informal Advice
06/17/2008
Arkansas Securities Commissioner A. Heath Abshure has issued this Policy Statement to provide procedures on how to request informal advice from the Department.