WSR 97-08-058
PREPROPOSAL STATEMENT OF INQUIRY
DEPARTMENT OF
FINANCIAL INSTITUTIONS
[Filed April 1, 1997, 8:39 a.m.]
Subject of Possible Rule Making: To add the certified investment management analyst ("CIMA") designation to others as an alternative to the Series 24 or Series 7 examinations; to correct misreference of accredited personal financial specialist to personal financial specialist; to amend rules relating to the "holding out" provisions relating to investment advisers or investment adviser representatives; and to correct misreferences.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 21.20.450.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Adding CIMA designation to list of designations already recognized due to substantial equivalence of study programs; update APFS designation to PFS; to amend the "holding out" rules relating to investment advisers or investment adviser representatives; and to correct misreference to WAC 460-20A-100 (recodified as WAC 460-21B-030) and the misreference to WAC 460-21A-010 instead of WAC 460-21B-010.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Investment advisers and their representatives who continue to be subject to state registration requirements rather than federal Securities and Exchange Commission requirements may use the CIMA designation instead of taking Series 24 or Series 7 examinations. Other changes to clarify and correct state references.
Process for Developing New Rule: CIMA study program has been determined to be substantially equivalent to those currently recognized. Review of regulations determined need to correctly recognize renamed PFS program (previously named as APFS program); to amend "holding out" rules; and to clarify or correct other references.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Brad Ferber, Securities Division, P.O. Box 9033, Olympia, WA 98507-9033, (360) 902-8760, FAX (360) 586-5068.
March 27, 1997
John L. Bley
Director