Arizona Code § 44-3132

Investigations
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44-3132. Investigations
The commission, the director or any other agent or agents designated by the commission may:
1. Make private or public investigations within or outside this state that the commission deems necessary to determine whether any person has violated or is about to violate this chapter or any rule or order adopted or issued under this chapter, to aid in the enforcement of this chapter or to aid in adopting rules and forms under this chapter.
2. At any time either before or after the licensure of any investment adviser or investment adviser representative, investigate and examine the affairs of any person engaged in the provision of investment advisory services or the affairs of any person if the commission believes that the person is or may be engaged in the provision of investment advisory services.

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