Date of Adoption: January 31, 2000.
Purpose: Repeal chapter 460-46A WAC, Corporate limited offering exemption (CLOE). The Securities Division has received very few filings pursuant to this chapter since the 1988 adoption of the small company offering registration (SCOR) program of chapter 460-17A WAC. SCOR is superior in many ways to CLOE. The permitted offering amount is higher, there are no limitations on the number of investors, and the SCOR Form is a universal form accepted in approximately 47 states. Recent revisions to the SCOR Form incorporate several feature from the CLOE Form that further increase the attractive and usefulness of the SCOR Form.
Citation of Existing Rules Affected by this Order: Repealing chapter 460-46A WAC.
Statutory Authority for Adoption: RCW 21.20.450, 21.20.320(9).
Adopted under preproposal statement of inquiry filed as WSR 99-24-058 on November 29, 1999.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 0, Repealed 24.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 24.
Other Findings Required by Other Provisions of Law as Precondition to Adoption or Effectiveness of Rule: No rule may be made unless the director of the Department of Financial Institutions finds that the action is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of chapter 21.20 RCW.Effective Date of Rule: Thirty-one days after filing.
January 31, 2000
John L. Bley
|Chapter 460-46A WAC||Corporate limited offering exemption.|