On July 2, 2018, the securities administrator adopted Securities Act Interpretive Statement 23 regarding the nonprofit securities exemption at RCW 21.20.310(11). The interpretive statement addresses inquiries the securities division has received regarding the restricted offering class provision in the exemption, which states that the exemption applies only to securities issued by nonprofit organizations that are offered or sold "to persons who, prior to their solicitation for the purchase of said securities, were members of, contributors to, or listed as participants in, the organization, or their relatives[.]"

Interested persons may obtain a copy of Securities Act Interpretive Statement 23 by contacting Jill Vallely, Securities Division, Department of Financial Institutions, P.O. Box 9033, Olympia, WA 98507, 360-902-8801, jill.vallely@dfi.wa.gov.