WSR 15-01-143
AGENDA
DEPARTMENT OF
FINANCIAL INSTITUTIONS
[Filed December 22, 2014, 12:17 p.m.]
Semi-Annual Agenda for Rules Under Development
January 1 - June 30, 2015
DIVISION OF BANKS
Propose and adopt rules to implement the new enabling provisions of Title 30B RCW, Washington Trust Institutions Act (TIMA), which is effective January 5, 2015. Rules are necessary to:
o
Further determine, within the discretion authority granted the director under TIMA, which fiduciaries will be subject to a trust company regulation and which will not; and if so, what will be the scope of the regulation for certain miscellaneous but applicable persons. See authority under RCW 30B.04.005(43), 30B.04.020(2), 30B.10.005(3), and 30B.08.080.
o
Establish new requirements for trust company applications and formation, authorized by RCW 30B.08.010.
o
Prudential Fiduciary Standards - Examination, e.g., M-O-E-C-A (instead of CAMELS). Authorized by chapters 30B.10 and 30B.24 RCW.
o
Prudential standards for supervisory direction, authorized by chapter 30B.46 RCW.
These rules are required by state law.
Amend chapter 208-512 WAC to modernize securities investment standards rules. Section 939A of the Dodd-Frank Act authorized federal banking regulators to eliminate statutory protections for national credit rating agencies associated with investments (i.e., Standard & Poor's, Moody's, and Fitch) and to establish new standards of credit-worthiness. In reviewing its compliance with Section 939A of the Dodd-Frank Act, the division of banks identified one or more sections of chapter 208-512 WAC which need modernization to conform to the Dodd-Frank Act and to also assure "parity" for Washington state-chartered banks and savings banks with national banks in relation to securities investment standards. Accordingly, the division of banks is anticipating repealing WAC 208-512-110 through 208-512-117 inclusive, and to propose and adopt a modern, comprehensive set of rules on bank investment standards set forth in a new chapter 208-512B WAC. These rules are beneficial to or requested or supported by regulated entities, and are either required by federal law, or to eliminate rule provisions superseded by more recent state statute.
"Lending Limits" Rule re: Derivatives & Securities Lending. Decide whether Office of the Comptroller of the Currency (OCC) revisions in this area are necessary to be adopted for Titles 30A and 32 RCW, banks, and if so, propose and make amendments to chapter 208-512A WAC. This would be necessary to bring Titles 30A and 32 RCW, banks into parity with national banks unless existing state rules would benefit Titles 30A and 32 RCW, banks more. These rules are beneficial to or requested or supported by regulated entities.
Propose and adopt rules for a technical clean-up of the existing chapter 208-512 WAC consistent with the rule making to be proposed and adopted above. These rules are beneficial to or requested or supported by regulated entities.
DIVISION OF SECURITIES
Amendments to WAC 460-80-300 to allow electronic delivery of franchise disclosure documents to franchisees. Rules are beneficial to or requested or supported by regulated entities.
Amendments to WAC 460-42A-081 to include NASDAQ Global Select, Global, and Capital Markets securities in exemption. Rules are beneficial to or requested or supported by regulated entities.
Amendments to WAC 460-44A-502 regarding legends for restricted securities to clarify requirements. The current rules contain a reference to an outdated and inaccessible North American Securities Administrators Association (NASAA) guideline. It would be better to include the relevant guidance in the rule so that those using the rules can find it. The rules are beneficial to or requested or supported by regulated entities.
Amendments to WAC 460-80-140 correcting cross-references to federal law. Rules are beneficial to or requested or supported by regulated entities, and the rule needs to be updated to accurately reflect federal law.
Propose new rule in chapter 460-16A WAC to clarify requirements for filing applications to renew securities offering registrations. It would be helpful to put the renewal requirements in rule for those we regulate to have notice of renewal requirements. The requirements include, for example, an updated offering circular, the renewal filing fee specified in RCW 21.20.340, an application marked "renewal," etc. Rules are beneficial to or requested or supported by regulated entities.