Arkansas 1986 suspension and reinstatement orders

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PUBLIC EXHIBIT PAGE 1
STATE OF ARKANSAS
SECURITIES DEPARTMENT

IN THE MATTER OF
Development Corporation For Israel

ORDER SUSPENDING REGISTRATION
NO. 86-27-S

FINDINGS OF FACT

(1) On or before March 7, 1986, the staff of the
Arkansas Securities Department mailed to Development
Corporation For Israel a Memorandum advising said Broker-
Dealer of the requirements of Section 3(e) of the Arkansas
Securities Act (the "Act") concerning designation of
principals, and informing said Broker-Dealer that failure to
so designate a principal by March 31, 1986, would result in
suspension of the Broker-Dealer's registration. A copy of
said Memorandum is attached hereto as Exhibit "A" and
incorporated herein.

(2) As of April 7, 1986, Development Corporation For
Israel has failed to properly designate a principal as
required by the Act.

CONCLUSIONS OF LAW

(1) Development Corporation For Israel is required
under Section 3(e) of the Act to designate an officer or
partner who shall have direct supervision over the purchase
and sale of securities in Arkansas to be a principal.

(2) Failure to designate a principal as required by
Section 3(e) of the Act results in an application for
registration being incomplete in a material respect under
Section 6(a) (2) (A).

(3) The Commissioner is empowered under Section 6(a)
and Section 6(c) of the Act to summarily suspend the
registration of Development Corporation For Israel due to
said Broker-Dealer's failure to properly designate a
principal.

PUBLIC EXHIBIT PAGE 2
(4) Suspension of the registration of Development
Corporation For Israel is in the public interest.

OPINION

The registration of Development Corporation For Israel
should be suspended due to the failure of said Broker-Dealer
to properly designate a principal. However, upon compliance
and proper designation of a principal in the form required
by said Broker-Dealer, said Broker-Dealer's registration
should be reinstated.

ORDER

IT IS THEREFORE ORDERED by the Commissioner that the
registration of Development Corporation For Israel be and
hereby is suspended until such time as said Broker-Dealer
shows compliance and properly designates as a principal an
officer or partner who shall have direct supervision over
the purchase and sale of securities in Arkansas, and at such
time, said complying Broker-Dealer's registration shall be
reinstated.

IT IS SO ORDERED on this 7th day of April, 1986.

BEVERLY BASSETT
Securities Commissioner

PUBLIC EXHIBIT PAGE 3
STATE OF ARKANSAS
SECURITIES DEPARTMENT

IN THE MATTER OF
Development Corporation For Israel

ORDER VACATING ORDER
OF SUSPENSION
NO. 86-27(a)-S

FINDINGS OF FACT

(1) By Order dated April 7, 1986, the broker-dealer
registration of Development Corporation For Israel was
summarily suspended for failure to designate a principal.

(2) On or about May 23, 1986, the Arkansas Securities
Department received proper documentation from Development
Corporation For Israel in which said broker-dealer
designated a principal.

CONCLUSIONS OF LAW

The receipt of the designation of principal by
Development Corporation For Israel with the information
previously supplied completes said broker-dealer's
requirements for registration in this respect.

OPINION

Full compliance has been made by Development
Corporation For Israel. The broker-dealer registration for
Development Corporation For Israel should be reinstated
effective to the last approval date before April 7, 1986,
and the Order Suspending Registration entered herein on
April 7, 1986, should be vacated.

ORDER

IT IS THEREFORE BY THE COMMISSIONER ORDERED that the
broker-dealer registration of Development Corporation For
Israel is hereby reinstated and approved effective the last
approval date prior to April 7, 1986, and that the Order
Suspending Registration entered herein on April 7, 1986 be
and hereby is vacated.

IT IS SO ORDERED THIS 22ND DAY OF JULY, 1986.

Lah BASSET ited
SECURITIES COMMISSIONER