WSR 98-15-137
AGENDA
DEPARTMENT OF
FINANCIAL INSTITUTIONS
[Filed July 22, 1998, 9:35 a.m.]
Department of Financial Institutions
Semi-Annual Agenda for Rules Under Development
July 1, 1998 - December 31, 1998
DIVISION OF BANKS
1. Repeal of chapter 50-52 WAC, Washington Land Bank. The rules implemented chapter 31.30 RCW, which was repealed during the 1998 legislative session.
2. Amend various sections of chapter 50-36 WAC, Administration of trust companies, investments, etc. The purpose of the amendments is to bring the regulations in line with Regulation 9 of the federal regulations for competitive reasons.
DIVISION OF CONSUMER SERVICES
1. Amendments to chapter 208-660 WAC relating to mortgage brokers to reflect statutory changes to definitions, exemptions from licensing, branch office licensing requirements, records retention requirements, bonding requirements, and trust accounting requirements.
DIVISION OF CREDIT UNIONS
1. Consider rules to implement chapter 397, Laws of 1997. May affect the following rules: Chapters 208-418, 208-436, 208-440, 208-444, 208-464, 208-472, and 208-480 WAC. May involve adoption, amendment or repeal of various rules.
2. Review of all Division of Credit Unions rules in accordance with Executive Order No. 97-02. Affects the following rules: Chapters 208-418, 208-436, 208-440, 208-444, 208-464, 208-472, and 208-480 WAC. May involve adoption, amendment or repeal of various rules.
3. Revision to field of membership rules. Affects chapter 208-472 WAC. May involve adoption, amendment or repeal of various rules.
DIVISION OF SECURITIES
1. In accordance with the Division's Rules Review Plan adopted pursuant to Executive Order 97-02, the following WAC chapters are scheduled for review and possible action:
Chapter 460-28A WAC, Advertisements.
Chapter 460-52A WAC, Nonprofit organizations.
Chapter 460-60A WAC, Financial statements and reports.
Chapter 460-17A WAC, Small company offering registration.
Chapter 460-46A WAC, Corporate limited offering exemption.
2. Chapter 460-10A WAC, Definitions and chapter 460-16A WAC, General rules are being revised in conjunction with the adoption of various NASAA Statements of Policy concerning equity offerings.
3. A new manual exemption is in the process of being adopted in chapter 460-44A WAC pursuant to the authority granted the Administrator in the recent amendments to the Securities Act.
4. A new chapter 460-18A WAC is being adopted to establish notice filing requirements for certain covered securities.
5. The small offering exemption, WAC 460-44A-504, may be amended pursuant to the authority granted the administrator in the recent amendments to the Securities Act. The SEC has proposed amending the corresponding federal exemption, and the division may wait until that process is completed before amending WAC 260-44A-504.
6. Chapter 460-32A WAC, Real estate programs, is being amended to incorporate by reference an SEC release.
7. The isolated transaction exemption, WAC 460-44A-050, is being amended to discuss issuer and nonissuer isolated transactions and nonpublic offerings.
8. New sections in the chapter on investment advisers (chapter 460-24A WAC) relating to agency cross transactions, disclosure of information to clients and amendment of the rule defining unethical practices of investment advisers (WAC 460-24A-220). These rules are proposed to be adopted or amended to make Washington's rules uniform with those of other states and to implement the 1998 legislative amendments to the Securities Act of Washington relating to investment advisers.
9. Additional rule-making activity may take place as time and circumstances dictate.