WSR 07-02-071

PERMANENT RULES

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[ Filed December 29, 2006, 10:15 a.m. , effective January 29, 2007 ]


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

Purpose: The rules contained in chapter 460-11A WAC were adopted by the securities division in 1991. The NASAA model rules on which these rules are based were updated in 2005. These rules promote uniformity with respect to securities offerings by Canadian issuers, which furthers the uniformity goals of RCW 21.20.450. The securities division has amended these rules to maintain their uniformity in light of the 2005 amendments to the NASAA model rule.

Citation of Existing Rules Affected by this Order: Amending WAC 460-11A-020.

Statutory Authority for Adoption: RCW 21.20.450, [21.20].240.

Adopted under notice filed as WSR 06-23-161 on November 22, 2006.

Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.

Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.

Number of Sections Adopted on the Agency's Own Initiative: New 1, Amended 1, Repealed 0.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.

Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 1, Amended 1, Repealed 0.

Date Adopted: December 28, 2006.

Scott Jarvis

Director

OTS-9392.1


AMENDATORY SECTION(Amending WSR 91-18-014, filed 8/26/91, effective 9/26/91)

WAC 460-11A-020   Time for taking effect of multijurisdictional registration statement.   The period of time under RCW 21.20.190(2) a registration statement must be on file before it becomes automatically effective shall be reduced from ten full business days to ((seven full business)) three days for a multijurisdictional offering.

[Statutory Authority: RCW 21.20.450 and 21.20.240. 91-18-014, 460-11A-020, filed 8/26/91, effective 9/26/91.]


NEW SECTION
WAC 460-11A-050   Exemption for secondary trading of certain multijurisdictional registered securities.   After a multijurisdictional offering has been declared effective by the SEC, a nonissuer transaction in any class of the issuer's securities is exempt from registration, whether or not the transaction is effected through a broker-dealer.

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Washington State Code Reviser's Office