PREPROPOSAL STATEMENT OF INQUIRY
FINANCIAL INSTITUTIONS
(Securities Division)
Subject of Possible Rule Making: Update and adoption of North American Securities Administrators Association (NASAA) guidelines and statements of policy. Amendments to WAC 460-16A-205.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 21.20.450.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The Washington Securities Division uses guidelines and policies adopted by NASAA as the basis for regulating certain offerings and licensees. These guidelines and policies are periodically updated and occasionally new guidelines and policies are adopted. This amendment would update Washington's regulations to reflect the latest versions of all previously adopted guidelines. It would also adopt NASAA's risk disclosure guidelines and guidelines for general obligation financing by religious organizations for the first time. This will facilitate greater uniformity with the many other states that rely on NASAA guidelines and policies.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The federal Securities and Exchange Commission (SEC) also regulates some of these offerings. Proposed NASAA statements of policy are published for public comment prior to adoption and are generally also shared with the SEC. Comments received from the public and the SEC are considered and incorporated in the proposal as appropriate.
Process for Developing New Rule: Proposed NASAA statements of policy are published for internal and public comment prior to adoption. Comments received from the public and the SEC are considered and incorporated in the proposal as appropriate.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting William M. Beatty, Securities Division, Department of Financial Institutions, P.O. Box 9033, Olympia, WA 98507-9033, (360) 902-8760, fax (360) 704-6923, bbeatty@dfi.wa.gov, website http://www.dfi.wa.gov/sd.
July 7, 2002
Deborah R. Bortner
Director of Securities