WSR 99-03-053
PERMANENT RULES
DEPARTMENT OF
FINANCIAL INSTITUTIONS
[Filed January 15, 1999, 3:58 p.m.]
Date of Adoption: January 15, 1999.
Purpose: To amend WAC 460-28A-015 to clarify the time period for filing of sales and advertising literature and promotional material relating to registered offerings of securities. Subsection (1) of WAC 460-28A-015 contains and apparent calendar day standard for prefiling of sales and advertising literature and promotional materials. Subsection (2) of the rule specifies a business day standard for the disallowance of filed materials. In the interests of consistency and clarity it is being proposed to amend subsection (1) to also utilize the business day standard for filing of sales and advertising literature and promotional materials.
Citation of Existing Rules Affected by this Order: Amending WAC 460-28A-015.
Statutory Authority for Adoption: RCW 21.20.450.
Adopted under notice filed as WSR 98-22-013 on October 23, 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Number of Sections Adopted in Order to Comply with Federal Statute: New 0, amended 0, repealed 0; Federal Rules or Standards: New 0, amended 0, repealed 0; or Recently Enacted State Statutes: New 0, amended 0, repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, amended 0, repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, amended 1, repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, amended 1, repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, amended 0, repealed 0; Pilot Rule Making: New 0, amended 0, repealed 0; or Other Alternative Rule Making: New 0, amended 1, repealed 0.
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.
January 15, 1999
John L. Bley
Director
OTS-2331.1
AMENDATORY SECTION (Amending Order 342, filed 9/29/75)
WAC 460-28A-015 All advertisements to be filed. All sales and advertising literature and promotional material, other than that exempted by these rules, shall be governed by the following:
(1) The registration applicant or registrant shall file with the division, at least five business days before its intended dissemination, one copy of each item of literature or material.
(2) If not disallowed by the administrator by written notice or otherwise within three business days from the date filed, the literature or material may be disseminated.
(3) No formal approval of the literature or material shall be issued by the administrator.
(4) The disseminator of the literature or material shall be responsible for the accuracy and reliability of the literature and material, and its conformance with the code and these rules.
[Order 342, § 460-28A-015, filed 9/29/75; Order 304, § 460-28A-015, filed 2/28/75, effective 4/1/75. Formerly chapter 460-28 WAC.]