WSR 14-03-022

PERMANENT RULES

[Filed January 7, 2014, 4:31 p.m., effective February 7, 2014]

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

Purpose: Washington adopted its Commodities Act in 1986, based on the North American Securities Administrators Association (NASAA) Model State Commodity Act (Model Act). Since that time, NASAA has amended the Model Act to expand the definition of "precious metal" to include palladium and copper, in addition to the initially covered metals of gold, silver, and platinum. A majority of other states that have adopted the Model Act have amended their own laws to reflect this expanded definition. Pursuant to this rule-making notice, the securities division is amending the definition of "precious metal" to include palladium and copper to broaden the exemption for precious metal commodity contracts in RCW 21.30.040 (1)(b).

Statutory Authority for Adoption: RCW 21.30.400, 21.30.010 (17)(d), 21.30.040 (1)(b).

Adopted under notice filed as WSR 13-21-084 on November 6 [October 17], 2013.

Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.

Number of Sections Adopted at Request of a Nongovernmental Entity: New 1, Amended 0, Repealed 0.

Number of Sections Adopted on the Agency's Own Initiative: New 1, Amended 0, Repealed 0.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.

Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.

Date Adopted: January 7, 2014.

Scott Jarvis

Director

Chapter  460-300  WAC