Arkansas Code
Subchapter 1 - General Provisions
§ 23-42-103. Applicability

(a)
(1) Sections 23-42-106, 23-42-108, 23-42-109, 23-42-212, 23-42-301(a), 23-42-501, and 23-42-507 apply to persons who sell or offer to sell when:
(A) An offer to sell is made in this state; or
(B) An offer to buy is made and accepted in this state.

(2) Sections 23-42-212, 23-42-301(a), and 23-42-507 apply to persons who buy or offer to buy when:
(A) An offer to buy is made in this state; or
(B) An offer to sell is made and accepted in this state.

(3) For the purpose of this section, an offer to sell or to buy is made in this state, whether or not either party is then present in this state, when the offer:
(A) Originates from this state; or
(B) Is directed by the offeror to this state and received at the place to which it is directed or at any post office in this state in the case of a mailed offer.

(4)
(A) For the purpose of this section, an offer to buy or to sell is accepted in this state when acceptance:
(i) Is communicated to the offeror in this state; and
(ii) Has not previously been communicated to the offeror, orally or in writing, outside this state.

(B) Acceptance is communicated to the offeror in this state, whether or not either party is then present in this state, when the offeree directs it to the offeror in this state reasonably believing the offeror to be in this state and it is received at the place to which it is directed or at any post office in this state in the case of a mailed acceptance.

(5) An offer to sell or to buy is not made in this state when:
(A) The publisher circulates, or there is circulated on his or her behalf, in this state any bona fide newspaper or other publication of general, regular, and paid circulation which is not published in this state, or which is published in this state but has had more than two-thirds (2/3) of its circulation outside this state during the past twelve (12) months; or
(B) A radio or television program originating outside this state is received in this state.

(b) Sections 23-42-307, 23-42-301(c), as well as § 23-42-212, so far as investment advisers are concerned, apply when any act instrumental in effecting prohibited conduct is done in this state, whether or not either party is then present in this state.