Arizona Denies Request for Automatic Exemption from Securities Registration for Stock Option Plan

The Arizona Securities Division has denied a request for a no-action letter from World Internet Holdings, Inc. on its stock option plan. The company was seeking an exemption for the plan from securities registration requirements. The company said its plan would meet the requirements of Section 701 for exemption under federal 1933 Securities Act. The state gave no reason for its denial. The action does underline the fact that just because a plan qualifies for a federal exemption does not mean that it will be exempt under each state's laws.