WSR 17-09-033 PERMANENT RULES DEPARTMENT OF FINANCIAL INSTITUTIONS (Securities Division) [Filed April 12, 2017, 4:04 p.m., effective May 13, 2017] Effective Date of Rule: Thirty-one days after filing.
Purpose: WAC 460-44A-505 provides an exemption from state securities registration requirements for offerings made in reliance on the federal Regulation D, Rule 505 exemption from federal registration requirements. On October 26, 2016, the Securities and Exchange Commission (SEC) adopted final rules amending exemptions to facilitate intrastate and regional securities offerings. See SEC Rulemaking Release No. 33-10238, titled "Exemptions to Facilitate Intrastate and Regional Securities Offerings," available at https://www.sec.gov/rules/final/2016/33-10238.pdf. Included in these amendments is a repeal of federal Rule 505 in its entirety. The repeal of federal Rule 505 will be effective on May 22, 2017. Once the repeal of federal Rule 505 becomes effective, businesses will be unable to rely on the corresponding exemption from state registration requirements in WAC 460-44A-505.
Citation of Existing Rules Affected by this Order: Repealing WAC 460-44A-505.
Adopted under notice filed as WSR 17-04-059 on January 27, 2017.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 1; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 0, Repealed 1.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.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: April 12, 2017.
Gloria Papiez
Director
REPEALER
The following section of the Washington Administrative Code is repealed:
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