WSR 98-20-028

PERMANENT RULES

DEPARTMENT OF

FINANCIAL INSTITUTIONS

(Securities Division)

[Filed September 28, 1998, 10:24 a.m.]



Date of Adoption: September 25, 1998.

Purpose: Amend WAC 460-60A-025 to grant the administrator the authority to require quarterly reports of certain issuers. Repeal WAC 460-60A-040 through 460-60A-055. WAC 460-60A-025 is overly broad as currently written. Quarterly reports are only necessary in certain circumstances, which the administrator may decide on a case-by-case basis. The sections to be repealed required reports that are no longer necessary for the division to accomplish its regulatory mission.

Citation of Existing Rules Affected by this Order: Repealing WAC 460-60A-040 through 460-60A-055; and amending WAC 460-60A-025.

Statutory Authority for Adoption: RCW 21.20.450.

Adopted under notice filed as WSR 98-17-060 on August 17, 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Number of Sections Adopted in Order to Comply with Federal Statute: New 0, amended 0, repealed 0; Federal Rules or Standards: New 0, amended 0, repealed 0; or Recently Enacted State Statutes: New 0, amended 0, repealed 0.

Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, amended 0, repealed 0.

Number of Sections Adopted on the Agency's Own Initiative: New 0, amended 1, repealed 4.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, amended 1, repealed 4.

Number of Sections Adopted Using Negotiated Rule Making: New 0, amended 0, repealed 0; Pilot Rule Making: New 0, amended 0, repealed 0; or Other Alternative Rule Making: New 0, amended 1, repealed 4.

Other Findings Required by Other Provisions of Law as Precondition to Adoption or Effectiveness of Rule: No rule may be made unless the director of the Department of Financial Institutions finds that the action is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of chapter 21.20 RCW.

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

September 25, 1998

John L. Bley

Director

OTS-2339.1

AMENDATORY SECTION (Amending Order 304, filed 2/28/75, effective 4/1/75)



WAC 460-60A-025  Quarterly reports required of certain issuers. ((Quarterly reports will be submitted by all issuers who register by qualification and by those issuers who are filing pursuant to the Regulation A Exemption of the Federal Security Act. Copies of quarterly report forms are available upon request. Such reports are required only during the term of the offering.)) As a condition to registration pursuant to RCW 21.20.180 or 21.20.210, the administrator may require an issuer, whose securities are being offered and sold directly by or for its own account, to file quarterly reports during the term of the offering on a form specified by the administrator. Each filing shall be accompanied by the fee required by RCW 21.20.340 (5)(b).



[Order 304, § 460-60A-025, filed 2/28/75, effective 4/1/75. Formerly chapter 460-60 WAC.]



REPEALER



The following sections of the Washington Administrative Code are repealed:



WAC 460-60A-040 Reports after termination of public offerings.

WAC 460-60A-045 Annual reporting requirements of RCW 21.20.740.

WAC 460-60A-050 Contents of reports under RCW 21.20.740.

WAC 460-60A-055 Reports maintained--Time period required.

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