WSR 99-04-039

INTERPRETIVE STATEMENT

DEPARTMENT OF

FINANCIAL INSTITUTIONS
(Securities Division)

[ Filed January 27, 1999, 9:55 a.m. ]

Subject: Publication of Interpretive Statement-21 - This interpretive statement provides guidelines to assist registered investment advisers in avoiding misleading inferences when using past performance figures and model performance results in communications with clients and potential clients. Misleading inferences under such circumstances may constitute violations of WAC 460-24A-100 (1)(e) and RCW 21.20.020 of the Securities Act.

To receive a copy of the interpretive or policy statement contact Kristina L. Kneip, Department of Financial Institutions, Securities Division, P.O. Box 9033, Olympia, WA 98504-9033, phone (360) 902-8823, fax (360) 704-7023.

Kristina L. Kneip

Securities Examiner

Washington State Code Reviser's Office