Division of Securities Completed Rulemaking Archive
Below you will find an archive of completed rulemaking activity and documents for the Division of Credit Unions.
Rulemaking: Updating of NASAA Statements of Policy
The Securities Division has amended WAC 460-16A-205. The Securities Division uses Guidelines and Policies created by the North American Securities Administrators Association ("NASAA") as the basis for regulating certain offerings and licensees. The amendment adopts the latest versions of all NASAA Guidelines and Policies previously adopted in Washington.
Documents
Rulemaking: Accredited Investor
The Securities Division amended WAC 460-44A-501 and 460-80-108 to conform the definitions of "accredited investor" contained therein to the definition of that term in the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted July 21, 2010, Public Law No. 111-203.
Documents
- Adopted Rules - WAC 460-44A-501 (PDF)*
- Adopted Rules - WAC 460-80-108 (PDF)*
- CR-103 (PDF)*
- CR-105 (PDF)*
- OTS-3539 (PDF)*
- OTS-3563 (PDF)*
Accredited Investor
The Securities Division amended WAC 460-44A-501 and 460-80-108 to conform the definitions of "accredited investor" contained therein to the definition of that term in the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted July 21, 2010, Public Law No. 111-203.
Documents
- Adopted Rules - WAC 460-44A-501 (PDF)*
- Adopted Rules - WAC 460-80-108 (PDF)*
- CR-103 (PDF)*
- CR-105 (PDF)*
- OTS-3539 (PDF)*
- OTS-3563 (PDF)*
Franchise Broker Rules
The Securities Division has adopted amendments to the Franchise broker rules in WAC 460-82.
In 1991 the Securities Division issued two policy statements concerning franchise broker registration. The Division is amended chapter 460-82 WAC to incorporate the subject matter of those policy statements into codified rules.
Documents
Expedited Rulemaking To Correct Typographical Error In WAC 460-44A-503
The rules in WAC 460-44A-503 set forth the requirements for filing notices on Form D in connection with offerings of securities that are conducted in reliance upon the private and limited offering exemptions from registration set forth in WAC 460-44A-504 and -505, and for offerings of securities made in reliance on federal Rule 506 of Regulation D under the Securities Act of 1933 in combination with WAC 460-44A-506. These rules were amended in 2008 to adopt, among other things, text from federal Rule 503 of Regulation D to require amendments to Form D to be filed with the Securities Division in the same circumstances and on the same schedule as required by the Securities and Exchange Commission.
The final codification of these rules contained a typographical error in that WAC 460-44A-503(3)(b)(x) should have been numbered WAC 460-44A-503(3)(c). The Securities Division has amended WAC 460-44A-503 to correct this typographical error.
A copy of the rule making order and text of the amendments is included below. If you have any questions, please direct them to Faith Anderson by telephone at (360) 725-7825 or by e-mail at faith.anderson@dfi.wa.gov.
Documents
Franchise Rules
The Securities Division recently filed a Rule Making Order amending our franchise registration rules. The Securities Division amended the franchise registration rules set forth in chapter 460-80 WAC in light of the amended franchise disclosure rules adopted by the Federal Trade Commission in 2007 and their preemptive effect on state laws, as well as to better coordinate our rules with other states that regulate the offer and sale of franchises through the adoption of the instructions for the preparation of the Franchise Disclosure Document in the 2008 Franchise Registration and Disclosure Guidelines promulgated by the North American Securities Administrators Association, Inc.
The Securities Division also amended these rules to reflect current practices and filing requirements, to codify several interpretive and policy statements, and to make minor corrections.
Documents
- Notice of Amendments to Franchise Registration Rules (PDF)*
- Text Of Amendments (PDF)*
- CR-103 Rule-Making Order (PDF)*
- Notice of Repeal of Interpretive and Policy Statements (PDF)*
- CR-102 Cover Letter (PDF)*
- CR-102 Notice of Proposed Rulemaking (PDF)*
- Notice of Preproposal Statement of Inquiry (PDF)*
- CR-101 Preproposal Statement of Inquiry (PDF)*
Holding Out As An Investment Adviser Withdrawn
The Department of Financial Institutions has withdrawn amendments to our rules proposed in the notice of Proposed Rule Making (Form CR-102).
Documents:
- Notice of Withdrawal of Proposed Rule-Making (PDF)*
- Preproposal Statement of Inquiry Form CR-101 (PDF)*
- CR-102 Notice of Proposed Rulemaking (PDF)*
- CR-102 Notice of Proposed Rulemaking - Continuance (PDF)*
- Proposed Amendments (PDF)*
Investment Adviser Custody Rules
The Securities Division has adopted new rules that impose safeguard requirements for investment advisers that maintain custody or possession of clients funds or securities.
Documents
- Adoption Of Rules Notice (PDF)*
- Text Of Adopted Rules (PDF)*
- CR-103 Rulemaking Order(PDF)*
- Cover Memo For CR-102 (PDF)*
- CR-102 With Text Of Proposed Amendments (PDF)*
- Notice of Preproposal Statement of Inquiry (PDF)*
- Preproposal Statement of Inquiry Form CR-101 (PDF)*
Securities Prosecution Fund
The Securities Division has adopted new rules concerning the procedure for applying for funds from the Securities Prosecution Fund. The Securities Prosecution Fund was created by RCW 43.230.115. Funds from the Securities Prosecution Fund may be available for payment of costs, expenses, and charges incurred in the investigation and prosecution of the Securities Act, the Commodities Act, the Franchise Investment Protection Act, and the Business Opportunity Fraud Act.
The newly created rules outline the process for applying for funds from the Securities Prosecution Fund. The new rules also outline the reporting and recordkeeping requirements of those who receive funds from the Securities Prosecution Fund.
Documents
- Text Of Adopted Rules (PDF)*
- CR-103 Rulemaking Order (PDF)*
- CR-102 Notice of Proposed Rulemaking (PDF)*
- CR-101 Preproposal Statement of Inquiry (PDF)*
Amendments to Private and Limited Offering Rules
The Securities Division has filed a Rule-Making Order (Form CR-103) amending our rules pertaining to several exemptions from registration for private and limited offerings. The effective date of these amendments is September 15, 2008.
Documents:
- Text Of Adopted Rule Amendments (PDF)*
- CR-103 Cover Letter (PDF)*
- CR-103 (PDF)*
- Notice Of Preproposal Statement of Inquiry (PDF)*
- Preproposal Statement of Inquiry Form CR-101 (PDF)*
- Notice of Proposed Rulemaking Letter (PDF)*
- CR-102 Notice of Proposed Rulemaking (PDF)*
- Proposed Amendments (PDF)*
Use of Senior and Other Professional Designations
The Securities Division has adopted a new chapter in its rules to regulate the use of senior designations and certifications that is based on the Model Rule on the Use of Senior-Specific Certifications and Professional Designations adopted by the North American Securities Administrators Association, Inc. on March 20, 2008. The Division also amended its rules to clarify that it is a dishonest and/or unethical business practice for investment advisers, broker-dealers and their representatives to use a term or abbreviation thereof in a manner that misleadingly states or implies that a person has special expertise, certification, or training in financial planning, including the misleading use of a senior certification or designation.
Documents
- CR-103 Cover Letter (PDF)*
- CR-103/Text Of Adopted Rule Amendments (PDF)*
- Preproposal Statement of Inquiry Form CR-101 (PDF)*
- CR-102 Notice of Proposed Rulemaking - Senior Designations (PDF)*
- Proposed Amendments - Senior Designations (PDF)*
Update and Adoption of NASAA Guidelines and Policies
The Securities Division has amended WAC 460-16A-205. The Securities Division uses Guidelines and Policies created by the North American Securities Administrators Association (“NASAA”) as the basis for regulating certain offerings and licensees. The amendment adopts the latest versions of all NASAA Guidelines and Policies previously adopted by Washington. The amendment also adopts NASAA’s Statement of Policy Regarding Church Extension Fund Securities and NASAA’s Uniform Disclosure Guidelines for Cover Legends for the first time. The update and adoption of these NASAA Guidelines and Policies will create greater uniformity between Washington and other states that rely on NASAA Guidelines and Policies.
The Securities Division received only one comment on the proposed amendments and that comment expressed support for these amendments. Further, there were no members of the public present at the rule-making hearing held on January 23, 2008. Please view the Rule-Making Order Form CR-103 (PDF)* and the text of the amendments (PDF)* that were filed with the Office of the Code Reviser for publication on February 27, 2008 (Issue # 08-05).
Documents
- Text Of Adopted Rule Amendments (PDF)*
- CR-103 (PDF)*
- CR-102 And Proposed Text (PDF)*
- Preproposal Statement of Inquiry Form CR-101 (PDF)*
* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.
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