WSR 97-08-056
PREPROPOSAL STATEMENT OF INQUIRY
DEPARTMENT OF
FINANCIAL INSTITUTIONS
[Filed April 1, 1997, 8:37 a.m.]
Subject of Possible Rule Making: Adoption of the North American Securities Administrators Association (NASAA) World Class Foreign Issuer exemption.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 21.20.450.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Provides an exemption from registration for substantial foreign issuers that might otherwise have to register. Domestic issuers of similar financial standing would typically qualify for an exemption from registration.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Securities offerings are regulated federally by the Securities and Exchange Commission. Most states also have laws relating to securities. This exemption was adopted by NASAA only after the SEC, the states and the public had the opportunity for comment.
Process for Developing New Rule: NASAA policy statements are drafted by committees made up of representatives from several states. The drafts are distributed to internal and external comment and are adopted pursuant to a vote by the NASAA members.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Bill Beatty, Securities Division, Department of Financial Institutions, P.O. Box 9033, Olympia, WA 98507-9033, (360) 902-8760, FAX (360) 586-5068, e-mail bbeatty@dfi-wa.gov.
March 27, 1997
John L. Bley
Securities Administrator