WSR 98-03-041

PREPROPOSAL STATEMENT OF INQUIRY

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[Filed January 15, 1998, 9:15 a.m.]

Subject of Possible Rule Making: Adoption of North American Securities Administrators Association (NASAA) statements of policy concerning securities registration and the repeal or amendment of any conflicting or overlapping regulations.

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: To foster greater uniformity, the Securities Division is considering adopting certain NASAA statements of policy in place of state-specific regulations on the same subjects. It is anticipated that such action would ease the burden of securities registration in this state by eliminating nonuniform regulations.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The federal Securities and Exchange Commission (SEC) and each of the fifty states and the District of Columbia also regulate this area. NASAA statements of policy are not adopted by the NASAA membership until the opportunity to comment is afforded to both the membership and the public. These policies were also subject to review and comment by an industry advisory panel during their development.

Process for Developing New Rule: See paragraph above.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting William M. Beatty, Securities Division, Department of Financial Institutions, P.O. Box 9033, Olympia, WA 98507-9033, (360) 902-8760, FAX (360) 586-5068, bbeatty@dfi.wa.gov, Securities Division Web Site: http://www.wa.gov/dfi/securities.

January 14, 1998

Deborah R. Bortner