A.R.S. § 44-1821: General rule-making power of commission; delegation of authority; limitation

A. The commission may from time to time make, amend and rescind rules and regulations reasonably necessary to carry out the provisions of this chapter.

B. The commission may from time to time in its discretion delegate such authority to the director of securities as is convenient or necessary to the efficient administration of this chapter, except that the commission may not delegate authority to adopt, amend or rescind rules and regulations or to enter any final order of denial or revocation of registration of securities, dealers or salesmen.