WSR 98-17-058
PERMANENT RULES
DEPARTMENT OF
FINANCIAL INSTITUTIONS
(Securities Division)
[Filed August 17, 1998, 8:47 a.m.]
Date of Adoption: August 17, 1998.
Purpose: Repeal chapter 460-70 WAC, Commodity broker-dealers. This chapter was adopted pursuant to the Commodities Act, chapter 21.30 RCW, as passed in 1986. A subsequent amendment to that act expanded the exemptions to commodity broker-dealer registration. The Securities Division has not had an application for commodity broker-dealer registration in over ten years. It therefore appears that the exemptions in the Commodities Act have eliminated the requirement for commodity broker-dealer registration.
Citation of Existing Rules Affected by this Order: Repealing chapter 460-70 WAC.
Statutory Authority for Adoption: RCW 21.30.400.
Adopted under preproposal statement of inquiry filed as WSR 98-14-072 on June 30, 1998.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, amended 0, repealed 0; Federal Rules or Standards: New 0, amended 0, repealed 0; or Recently Enacted State Statutes: New 0, amended 0, repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, amended 0, repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, amended 0, repealed 11.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, amended 0, repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, amended 0, repealed 0; Pilot Rule Making: New 0, amended 0, repealed 0; or Other Alternative Rule Making: New 0, amended 0, repealed 11.
Effective Date of Rule: Thirty-one days after filing.
August 17, 1998
John L. Bley
Director
OTS-2320.1
REPEALER
The following chapter of the Washington Administrative Code is repealed:
WAC 460-70-005 Net capital requirements for commodity broker-dealers.
WAC 460-70-010 Commodity broker-dealer notice of net capital deficiency.
WAC 460-70-015 Bond requirements for commodity broker-dealers and commodity sales representatives.
WAC 460-70-020 Application for registration and post-effective requirements for a commodity broker-dealer and commodity sales representatives.
WAC 460-70-025 Financial statements for commodity broker-dealers.
WAC 460-70-030 Segregation of accounts by commodity broker-dealers.
WAC 460-70-035 Confirmations.
WAC 460-70-040 Records required of commodity broker-dealers.
WAC 460-70-045 Records to be preserved by commodity broker-dealers.
WAC 460-70-050 Denial, revocation, and suspension of registration.
WAC 460-70-060 Promotional materials to be filed, materials permitted without filing and prohibited materials.