WSR 98-17-058

PERMANENT RULES

DEPARTMENT OF

FINANCIAL INSTITUTIONS

(Securities Division)

[Filed August 17, 1998, 8:47 a.m.]



Date of Adoption: August 17, 1998.

Purpose: Repeal chapter 460-70 WAC, Commodity broker-dealers. This chapter was adopted pursuant to the Commodities Act, chapter 21.30 RCW, as passed in 1986. A subsequent amendment to that act expanded the exemptions to commodity broker-dealer registration. The Securities Division has not had an application for commodity broker-dealer registration in over ten years. It therefore appears that the exemptions in the Commodities Act have eliminated the requirement for commodity broker-dealer registration.

Citation of Existing Rules Affected by this Order: Repealing chapter 460-70 WAC.

Statutory Authority for Adoption: RCW 21.30.400.

Adopted under preproposal statement of inquiry filed as WSR 98-14-072 on June 30, 1998.

Number of Sections Adopted in Order to Comply with Federal Statute: New 0, amended 0, repealed 0; Federal Rules or Standards: New 0, amended 0, repealed 0; or Recently Enacted State Statutes: New 0, amended 0, repealed 0.

Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, amended 0, repealed 0.

Number of Sections Adopted on the Agency's Own Initiative: New 0, amended 0, repealed 11.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, amended 0, repealed 0.

Number of Sections Adopted Using Negotiated Rule Making: New 0, amended 0, repealed 0; Pilot Rule Making: New 0, amended 0, repealed 0; or Other Alternative Rule Making: New 0, amended 0, repealed 11.

Effective Date of Rule: Thirty-one days after filing.

August 17, 1998

John L. Bley

Director

OTS-2320.1

REPEALER



The following chapter of the Washington Administrative Code is repealed:



WAC 460-70-005 Net capital requirements for commodity broker-dealers.

WAC 460-70-010 Commodity broker-dealer notice of net capital deficiency.

WAC 460-70-015 Bond requirements for commodity broker-dealers and commodity sales representatives.

WAC 460-70-020 Application for registration and post-effective requirements for a commodity broker-dealer and commodity sales representatives.

WAC 460-70-025 Financial statements for commodity broker-dealers.

WAC 460-70-030 Segregation of accounts by commodity broker-dealers.

WAC 460-70-035 Confirmations.

WAC 460-70-040 Records required of commodity broker-dealers.

WAC 460-70-045 Records to be preserved by commodity broker-dealers.

WAC 460-70-050 Denial, revocation, and suspension of registration.

WAC 460-70-060 Promotional materials to be filed, materials permitted without filing and prohibited materials.

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