Section 230-RICR-50-05-3.12 - Statutory DisqualificationA. No exemption under R.I. Gen. Laws § 7-11-402(18) shall be available for the securities of any issuer if any of the parties described in Securities Act of 1933, Regulation A, Rule 17 C.F.R. § 230.252(c), (d), (e), or (f): 1. Has filed a registration statement which is the subject of a currently effective registration stop order entered pursuant to any state's securities law within five (5) years prior to the filing of the notice required under this exemption;2. Has been convicted within five (5) years prior to the filing of the notice required under this exemption of any felony or misdemeanor in connection with the offer, purchase or sale of any security or any felon involving fraud or deceit, including but not limited to forgery, embezzlement, obtaining money under false pretenses, larceny or conspiracy to defraud;3. Is currently subject to any administrative enforcement order or judgment entered by the Director within five years prior to the filing of the notice required under this exemption or is subject to any state's administrative enforcement order or judgment in which fraud or deceit, including but not limited to making any untrue statement of material fact or omitting to state any material fact, was found and the order or judgment was entered within five (5) years prior to the filing of the notice required under this exemption;4. Is subject to any state's administrative enforcement order or judgment which prohibits, denies or revokes the use of any exemption from registration in connection with the offer, purchase or sale of securities; or5. Is currently subject to any order, judgment or decree of any court of competent jurisdiction temporarily or preliminary restraining or enjoining, or is subject to any order, judgment or decree of any court of competent jurisdiction, permanently restraining or enjoining, such party from engaging in or continuing any conduct or practice in connection with the purchase of sale of any security or involving the making of any false filing with the state entered within five (5) years prior to the filing of the notice required under the exemption.B. Disqualification pursuant to §§ 3.12(A)(1) through (5) of this Part may be waived by the Director upon a showing of good cause that it is not necessary under the circumstances that the exemption be denied.230 R.I. Code R. 230-RICR-50-05-3.12