A.R.S. § 44-2053: Limitation on liability

Neither the state nor any political subdivision, nor the commission, the Arizona commerce authority, nor any state officer, agent or employee acting in good faith, except as otherwise explicitly provided by statute, shall be liable for any injury or damage to investors, exchange members, their subsidiaries, affiliates or employees or the general public resulting from any actual or opportunity losses suffered through the activities of the securities exchange. For these purposes, the term "activities" is to be construed as any actual and anticipated exchange matter.