WASHINGTON STATE REGISTER

WSR 07-03-157

AGENDA

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[ Filed January 23, 2007, 4:10 p.m. ]

Semi-Annual Agenda for Rules Under Development

January 1, 2007 - June 30, 2007

DIVISION OF CREDIT UNIONS

• The division has filed as CR-101 regarding a possible rule interpreting the definition of "equivalent share insurance program" under RCW 31.12.408. The rule would clarify the requirements for credit unions that want to insure under an equivalent share insurance program and would set forth the requirements for the private share insurer.

DIVISION OF SECURITIES

• Multi-jurisdictional Disclosure System Rule Changes: Amends chapter 460-11A WAC to maintain uniformity with other states concerning the registration of certain Canadian issuers. These rules provide for a streamlined registration process of securities offerings of certain Canadian companies. The rules are based on model rules developed by the North American Securities Administrators Association (NASAA). A hearing was held December 27, 2006, and the amended rules were adopted. Effective date is approximately January 29, 2007.

• IA Custody Rule: A CR-101 was filed in January 2005 to amend WAC 460-24A-105, concerning requirements imposed on investment advisers who take custody of client funds or securities. In general, the amendment would require investment advisors to indicate in their registration application whether they take custody of client funds, require investment advisors to keep such funds with a qualified custodian, and define certain key terms such as "custody." The rule would also update and make more uniform the language in the current rule. No further action has been taken on this proposal.

DIVISION OF CONSUMER SERVICES

• Interpretive Letters and Policy Statements. The division will begin rule making on the process by which it will communicate current opinions, approaches, and likely courses of action. The division expects to create rules for issuing interpretive letters - written opinions as to the meaning of a statute or other provision of law, of a court decision, or of a division order; and policy statements - written descriptions of the division's current approach for implementing a statute or other provision of law, a court decision, or division order. The rules will also include processes by which the division will respond to general requests for division or agency information, or the location of such information, or requests for division opinions based on hypothetical scenarios.

• Public Records Act. The division has not updated its rules on public records since 1996. Since that time, the Public Records Act (formerly called the Public Disclosure Act), chapter 42.56 RCW, has been recodified and model rules have been prepared by the office of the attorney general. The division anticipates updating the current rules, chapter 208-12 WAC, to conform to any changes in the statute and to reflect the statute's recodification.

• Consumer Loan Act, Chapter 208-620 WAC. The division plans to make some technical changes to the rules that were drafted last year when the rules were redrafted to follow the clear rules writing format. Included in these technical amendments will be a rule allowing certain fee waivers.

•	Interpretive Letters and Policy Statements. The division will begin rule making on the process by which it will communicate current opinions, approaches, and likely courses of action. The division expects to create rules for issuing interpretive letters - written opinions as to the meaning of a statute or other provision of law, of a court decision, or of a division order; and policy statements - written descriptions of the division's current approach for implementing a statute or other provision of law, a court decision, or division order. The rules will also include processes by which the division will respond to general requests for division or agency information, or the location of such information, or requests for division opinions based on hypothetical scenarios.
•	Public Records Act. The division has not updated its rules on public records since 1996. Since that time, the Public Records Act (formerly called the Public Disclosure Act), chapter 42.56 RCW, has been recodified and model rules have been prepared by the office of the attorney general. The division anticipates updating the current rules, chapter 208-12 WAC, to conform to any changes in the statute and to reflect the statute's recodification.
•	Consumer Loan Act, Chapter 208-620 WAC. The division plans to make some technical changes to the rules that were drafted last year when the rules were redrafted to follow the clear rules writing format. Included in these technical amendments will be a rule allowing certain fee waivers.

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