A.R.S. § 44-3131: General rule making power of commission; delegation of authority; limitation

A. The commission may adopt rules pursuant to title 41, chapter 6 that are reasonably necessary to carry out the purposes of this chapter.

B. The commission may delegate such authority to the director of securities as is convenient or necessary for the efficient administration of this chapter, except that the commission may not delegate authority to adopt rules or to enter any final order of denial or revocation of licenses of investment advisers or investment adviser representatives.