reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.270 - Reports by filer of statement—Annual financial statements.

RCW 21.20.270
Reports by filer of statement—Annual financial statements.
(1) The director may require the person who filed the registration statement to file reports, not more often than quarterly to keep reasonably current the information contained in the registration statement and to disclose the progress of the offering with respect to registered securities which (a) are issued by a face-amount certificate company or a redeemable security issued by an open-end management company or unit investment trust as those terms are defined in the investment company act of 1940, or (b) are being offered and sold directly by or for the account of the issuer.
(2) During the period of public offering of securities registered under the provisions of this chapter by qualification financial data or statements corresponding to those required under the provisions of RCW 21.20.210 and to the issuer's fiscal year shall be filed with the director annually, not more than one hundred twenty days after the end of each such year. Such statements at the discretion of the director or administrator shall be audited by a certified public accountant who is not an employee of the issuer, and the director may verify them by examining the issuer's books and records. The report of such independent certified public accountant shall be based upon an audit of not less in scope or procedures followed than that which independent public accountants would ordinarily make for the purpose of presenting comprehensive and dependable financial statements, and shall contain such information as the director may prescribe, by rules in the public interest or for the protection of investors, as to the nature and scope of the audit and the findings and opinions of the accountants. Each such report shall state that such independent certified public accountant has verified securities owned, either by actual examination, or by receipt of a certificate from the custodian, as the director may prescribe by rules.
[ 2016 c 61 § 5; 1995 c 46 § 3; 1975 1st ex.s. c 84 § 14; 1965 c 17 § 3; 1961 c 37 § 7; 1959 c 282 § 27.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.275 - Pending registration—Notice of termination—Application for continuation.

RCW 21.20.275
Pending registration—Notice of termination—Application for continuation.
The director may in his or her discretion send notice to the applicant in any pending registration in which no action has been taken for nine months immediately prior to the sending of such notice, advising such applicant that the pending registration will be terminated thirty days from the date of sending unless on or before the termination date the applicant makes application in writing to the director showing good cause why it should be continued as a pending registration. If such application is not made or good cause shown, the director shall terminate the pending registration.
[ 2016 c 61 § 6; 1994 c 256 § 17; 1979 ex.s. c 68 § 16; 1974 ex.s. c 77 § 12.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Effective date—1974 ex.s. c 77: See note following RCW 21.20.040.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.280 - Stop orders—Grounds.

RCW 21.20.280
Stop orders—Grounds.
The director may issue a stop order denying effectiveness to, or suspending or revoking the effectiveness of, any registration statement if the director finds that the order is in the public interest and that:
(1) The registration statement as of its effective date or as of any earlier date in the case of an order denying effectiveness, is incomplete in any material respect or contains any statement which was, in the light of the circumstances under which it was made, false or misleading with respect to any material fact;
(2) Any provision of this chapter or any rule, order, or condition lawfully imposed under this chapter has been willfully violated, in connection with the offering by (a) the person filing the registration statement, (b) the issuer, any partner, officer, or director of the issuer, any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling or controlled by the issuer, but only if the person filing the registration statement is directly or indirectly controlled by or acting for the issuer, or (c) any underwriter;
(3) The security registered or sought to be registered is the subject of a permanent or temporary injunction of any court of competent jurisdiction entered under any other federal or state act applicable to the offering; but (a) the director may not institute a proceeding against an effective registration statement under this clause more than one year from the date of the injunction relied on, and (b) the director may not enter an order under this clause on the basis of an injunction entered under any other state act unless that order or injunction was based on facts which would currently constitute a ground for a stop order under this section;
(4) The issuer's enterprise or method of business includes or would include activities which are illegal where performed;
(5) The offering has worked or tended to work a fraud upon purchasers or would so operate;
(6) When a security is sought to be registered by coordination, there has been a failure to comply with the undertaking required by RCW 21.20.180(7);
(7) The applicant or registrant has failed to pay the proper registration fee; but the director may enter only a denial order under this subsection and shall vacate any such order when the deficiency has been corrected; or
(8) The offering has been or would be made with unreasonable amounts of underwriters' and sellers' discounts, commissions, or compensation or promoters' profits or participation, or unreasonable amounts or kinds of options.
[ 2016 c 61 § 7; 1979 ex.s. c 68 § 17; 1975 1st ex.s. c 84 § 15; 1959 c 282 § 28.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.290 - Stop order prohibited if facts known on effective date of statement.

RCW 21.20.290
Stop order prohibited if facts known on effective date of statement.
The director may not enter a stop order against an effective registration statement on the basis of a fact or transaction known to the director when the registration statement became effective.
[ 1979 ex.s. c 68 § 18; 1959 c 282 § 29.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.300 - Notification of entry of stop order—Hearing—Findings, conclusions, modification, etc.

RCW 21.20.300
Notification of entry of stop order—Hearing—Findings, conclusions, modification, etc.
Upon the entry of a stop order under any part of RCW 21.20.280, the director shall promptly notify the issuer of the securities and the applicant or registrant that the order has been entered and of the reasons therefor and that within twenty days after the receipt of a written request the matter will be set down for hearing. If no hearing is requested within twenty days and none is ordered by the director, the director shall enter written findings of fact and conclusions of law and the order will remain in effect until it is modified or vacated by the director. If a hearing is requested or ordered, the director, after notice of and opportunity for hearings to the issuer and to the applicant or registrant, shall enter written findings of fact and conclusions of law and may modify or vacate the order. The director may modify or vacate a stop order if the director finds that the conditions which prompted its entry have changed or that it is otherwise in the public interest to do so.
[ 2016 c 61 § 8; 1979 ex.s. c 68 § 19; 1959 c 282 § 30.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.325 - Denial, revocation, condition, of exemptions—Authority—Procedure.

RCW 21.20.325
Denial, revocation, condition, of exemptions—Authority—Procedure.
The director or administrator may by order deny, revoke, or condition any exemption specified in RCW 21.20.310 (10), (11), (12)[,] or (13), 21.20.320, or 21.20.880, with respect to a specific security or transaction. No such order may be entered without appropriate prior notice to all interested parties, opportunity for hearing, and written findings of fact and conclusions of law, except that the director or administrator may by order summarily deny, revoke, or condition any of the specified exemptions pending final determination of any proceeding under this section. Upon the entry of a summary order, the director or administrator shall promptly notify all interested parties that it has been entered and of the reasons therefor and that within twenty days of the receipt of a written request the matter will be set down for hearing. If no hearing is requested and none is ordered by the director or administrator, the order will remain in effect until it is modified or vacated by the director or administrator. If a hearing is requested or ordered, the director or administrator, after notice of and opportunity for hearing to all interested persons, may modify or vacate the order or extend it until final determination. No order under this section may operate retroactively. No person may be considered to have violated RCW 21.20.140 as now or hereafter amended by reason of any offer or sale effected after the entry of an order under this section if he or she sustains the burden of proof that he or she did not know, and in the exercise of reasonable care could not have known, of the order.
[ 2016 c 61 § 9; 1979 ex.s. c 68 § 22; 1979 c 130 § 14; 1977 ex.s. c 188 § 3; 1975 1st ex.s. c 84 § 18; 1974 ex.s. c 77 § 7; 1967 c 199 § 3.]
NOTES:
Severability—1979 c 130: See note following RCW 28B.10.485.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.327 - Required filings—Consent to service—Failure to comply—Rules—Fees.

RCW 21.20.327
Required filings—Consent to service—Failure to comply—Rules—Fees.
(1) The director, by rule or otherwise, may require the filing of any or all of the following documents and the payment of the following fees with respect to a federal covered security under section 18(b)(2) of the Securities Act of 1933:
(a) Prior to the initial offer of such a federal covered security in this state, all documents that are part of the current federal registration statement filed with the U.S. securities and exchange commission under the Securities Act of 1933, together with a consent to service of process signed by the issuer and the fee prescribed by RCW 21.20.340;
(b) After the initial offer of such a federal covered security in this state, all documents that are part of an amendment to a current federal registration statement filed with the U.S. securities and exchange commission under the Securities Act of 1933 and all fees prescribed by RCW 21.20.340; and
(c) An annual or periodic report of the value of such federal covered securities offered in this state, together with the fee prescribed by RCW 21.20.340.
(2) With respect to any security that is a federal covered security under section 18(b)(4)(D) of the Securities Act of 1933, the director, by rule or otherwise, may require the issuer to file a notice on SEC Form D, together with a consent to service of process signed by the issuer and the fee prescribed pursuant to RCW 21.20.340, no later than fifteen days after the first sale of such a federal covered security in this state.
(3) The director, by rule or otherwise, may require the filing of any document filed with the U.S. securities and exchange commission under the Securities Act of 1933, with respect to a federal covered security under section 18(b)(3) or (4) of the Securities Act of 1933 and/or the payment of the fee prescribed pursuant to RCW 21.20.340.
(4) The director may issue a stop order suspending the offer and sale of a federal covered security, except a federal covered security under section 18(b)(1) of the Securities Act of 1933, if the director finds that there is a failure to comply with any requirement established under this section.
(5) The director, by rule or otherwise, may waive any or all of the provisions of this section.
[ 1998 c 15 § 12.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.330 - Consent to service of process—Service, how made.

RCW 21.20.330
Consent to service of process—Service, how made.
Every applicant for registration as a broker-dealer, investment adviser, investment adviser representative, or salesperson under this chapter, every issuer that files an application to register or files a claim of exemption from registration to offer a security in this state through any person acting on an agency basis in the common law sense, and every person filing pursuant to RCW 21.20.050 or 21.20.327 shall file with the director or with such person as the director may by rule or order designate, in such form as the director by rule prescribes, an irrevocable consent appointing the director or the director's successor in office to be the attorney of the applicant to receive service of any lawful process in any noncriminal suit, action, or proceeding against the applicant or the applicant's successor, executor or administrator which arises under this chapter or any rule or order hereunder after the consent has been filed, with the same force and validity as if served personally on the person filing the consent. A person who has filed such a consent in connection with a previous registration, or notice filing pursuant to RCW 21.20.050 or 21.20.327, need not file another. Service may be made by leaving a copy of the process in the office of the director, but it is not effective unless (1) the plaintiff, who may be the director in a suit, action, or proceeding instituted by him or her, forthwith sends notice of the service and a copy of the process by registered mail to the defendant or respondent at the last address of the respondent or defendant on file with the director, and (2) the plaintiff's affidavit of compliance with this section is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
[ 1998 c 15 § 15; 1994 c 256 § 19; 1979 ex.s. c 68 § 23; 1975 1st ex.s. c 84 § 19; 1959 c 282 § 33.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.350 - False or misleading statements in filed documents.

RCW 21.20.350
False or misleading statements in filed documents.
It is unlawful for any person to make or cause to be made, in any document filed with the director or in any proceeding under this chapter, any statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.
[ 1959 c 282 § 35.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.360 - Filing, registration, statement, exemption not conclusive as to truth or completeness—Unlawful representations.

RCW 21.20.360
Filing, registration, statement, exemption not conclusive as to truth or completeness—Unlawful representations.
Neither the fact that an application for registration under RCW 21.20.050, a registration statement under RCW 21.20.180 or 21.20.210 has been filed, nor the fact that a person or security is effectively registered, constitutes a finding by the director that any document filed under this chapter is true, complete, and not misleading. Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the director has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, security, or transaction. It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with this section.
[ 2016 c 61 § 11; 1975 1st ex.s. c 84 § 21; 1959 c 282 § 36.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.370 - Investigations—Statement of facts relating to investigation may be permitted—Publication of information—Use of criminal history record information.

RCW 21.20.370
Investigations—Statement of facts relating to investigation may be permitted—Publication of information—Use of criminal history record information.
(1) The director in his or her discretion (a) may annually, or more frequently, make such public or private investigations within or without this state as the director deems necessary to determine whether any registration should be granted, denied or revoked or whether any person has violated, is violating, or is about to violate any provision of this chapter or any rule or order under this chapter, or to aid in the enforcement of this chapter or in the adoption of rules and forms under this chapter, (b) may engage in the detection and identification of criminal activities subject to this chapter, (c) may require or permit any person to testify or to file a statement in writing, under oath or otherwise as the director may determine, as to all the facts and circumstances concerning the matter to be investigated, and (d) may publish information concerning a proceeding, an investigation, or any violation of this chapter or any rule or order under this chapter, if the director determines it is necessary or appropriate in the public interest or for the protection of investors.
(2) The enforcement unit of the securities division of the department of financial institutions may be authorized to receive criminal history record information in connection with the investigation of criminal activities subject to this chapter.
[ 2002 c 65 § 6; 1998 c 15 § 17; 1994 c 256 § 21; 1979 ex.s. c 68 § 25; 1973 1st ex.s. c 171 § 2; 1959 c 282 § 37.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Investigations, additional authority, scope: RCW 21.20.700.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.377 - Subpoena authority—Application—Contents—Notice—Fees.

RCW 21.20.377
Subpoena authority—Application—Contents—Notice—Fees.
(1) The director or authorized assistants may apply for and obtain a superior court order approving and authorizing a subpoena in advance of its issuance. The application may be made in the county where the subpoenaed person resides or is found, or the county where the subpoenaed documents, records, or evidence are located, or in Thurston county. The application must:
(a) State that an order is sought under this section;
(b) Adequately specify the documents, records, evidence, or testimony; and
(c) Include a declaration made under oath that an investigation is being conducted for a lawfully authorized purpose related to an investigation within the department's authority and that the subpoenaed documents, records, evidence, or testimony are reasonably related to an investigation within the department's authority.
(2) When an application under this section is made to the satisfaction of the court, the court must issue an order approving the subpoena. An order under this subsection constitutes authority of law for the agency to subpoena the documents, records, evidence, or testimony.
(3) The director or authorized assistants may seek approval and a court may issue an order under this section without prior notice to any person, including the person to whom the subpoena is directed and the person who is the subject of an investigation. An application for court approval is subject to the fee and process set forth in RCW 36.18.012(3).
[ 2011 c 93 § 7.]
NOTES:
Finding—Intent—2011 c 93: See note following RCW 18.44.425.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.380 - Oaths—Subpoenas—Assisting another state—Compelling obedience—Punishment.

RCW 21.20.380
Oaths—Subpoenas—Assisting another state—Compelling obedience—Punishment.
(1) For the purpose of any investigation or proceeding under this chapter, the director or any officer designated by the director may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, agreements, or other documents or records which the director deems relevant or material to the inquiry.
(2) If the activities constituting an alleged violation for which the information is sought would be a violation of this chapter had the activities occurred in this state, the director may issue and apply to enforce subpoenas in this state at the request of a securities agency or administrator of another state.
(3) A subpoena issued to a financial institution under this section may, if the director finds it necessary or appropriate in the public interest or for the protection of investors, include a directive that the financial institution subpoenaed shall not disclose to third parties that are not affiliated with the financial institution, other than to the institution's legal counsel, the existence or content of the subpoena.
(4) In case of disobedience on the part of any person to comply with any subpoena lawfully issued by the director, the refusal of any witness to testify to any matters regarding which the witness may be lawfully interrogated, or the failure to comply with a nondisclosure directive under subsection (3) of this section, a court of competent jurisdiction of any county or the judge thereof, on application of the director, and after satisfactory evidence of willful disobedience, may compel obedience by proceedings for contempt, as in the case of disobedience of the requirements of a subpoena issued from such a court on a refusal to testify therein.
[ 2002 c 65 § 7; 1995 c 46 § 6; 1994 c 256 § 22; 1979 ex.s. c 68 § 26; 1975 1st ex.s. c 84 § 22; 1974 ex.s. c 77 § 9; 1959 c 282 § 38.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Effective date—1974 ex.s. c 77: See note following RCW 21.20.040.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.395 - Administrative action—Hearing—Judicial review—Judgment.

RCW 21.20.395
Administrative action—Hearing—Judicial review—Judgment.
(1) A person who, in an administrative action by the director, is found to have knowingly or recklessly violated any provision of this chapter, or any rule or order under this chapter, may be fined, after notice and opportunity for hearing, in an amount not to exceed ten thousand dollars for each violation.
(2) A person who, in an administrative action by the director, is found to have knowingly or recklessly violated an administrative order issued under RCW 21.20.110 or 21.20.390 shall pay an administrative fine in an amount not to exceed twenty-five thousand dollars for each violation.
(3) The fines paid under subsections (1) and (2) of this section shall be deposited into the securities prosecution fund.
(4) If a petition for judicial review has not been timely filed under RCW 34.05.542(2), a certified copy of the director's order requiring payment of the fine may be filed in the office of the clerk of the superior court in any county of this state. The clerk shall treat the order of the director in the same manner as a judgment of the superior court. The director's order so filed has the same effect as a judgment of the superior court and may be recorded, enforced, or satisfied in like manner.
[ 2003 c 288 § 6; 1998 c 15 § 18.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.400 - Penalty for violation of chapter—Limitation of actions.

RCW 21.20.400
Penalty for violation of chapter—Limitation of actions.
(1) Any person who willfully violates any provision of this chapter except RCW 21.20.350, or who willfully violates any rule or order under this chapter, or who willfully violates RCW 21.20.350 knowing the statement made to be false or misleading in any material respect, is guilty of a class B felony punishable under RCW 9A.20.021(1)(b). However, a person may not be imprisoned for the violation of any rule or order if that person proves that he or she had no knowledge of the rule or order.
(2) Any person who knowingly alters, destroys, shreds, mutilates, or conceals a record, document, or other object, or attempts to do so, with the intent to impair the object's integrity or availability for use in an official proceeding under this chapter, is guilty of a class B felony punishable under RCW 9A.20.021(1)(b) or punishable by a fine of not more than five hundred thousand dollars, or both. The fines paid under this subsection shall be deposited into the securities prosecution fund.
(3) No indictment or information may be returned under this chapter more than (a) five years after the violation, or (b) three years after the actual discovery of the violation, whichever date of limitation is later.
[ 2016 c 61 § 13. Prior: 2003 c 288 § 3; 2003 c 53 § 163; 1979 ex.s. c 68 § 28; 1965 c 17 § 5; 1959 c 282 § 40.]
NOTES:
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.410 - Attorney general, prosecuting attorney may institute criminal proceeding—Referral of evidence by director.

RCW 21.20.410
Attorney general, prosecuting attorney may institute criminal proceeding—Referral of evidence by director.
(1) The director may refer such evidence as may be available concerning violations of this chapter or of any rule or order hereunder to the attorney general or the proper prosecuting attorney, who may in his or her discretion, with or without such a reference, institute the appropriate criminal proceedings under this chapter.
(2) The director may render such assistance as the prosecuting attorney requests regarding a reference.
[ 1998 c 15 § 19; 1979 ex.s. c 68 § 29; 1959 c 282 § 41.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.420 - Criminal punishment, chapter not exclusive.

RCW 21.20.420
Criminal punishment, chapter not exclusive.
Nothing in this chapter limits the power of the state to punish any person for any conduct which constitutes a crime by statute or at common law.
[ 1959 c 282 § 42.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.435 - Assurance of discontinuance of violations—Acceptance—Filing.

RCW 21.20.435
Assurance of discontinuance of violations—Acceptance—Filing.
In the enforcement of this chapter, the director may accept an assurance of discontinuance of violations of the provisions of this chapter from any person deemed by the director to be in violation hereof. Any such assurance shall be in writing, may state that the person giving such assurance does not admit to any violation of this chapter, and shall be filed with and subject to the approval of the superior court of the county in which the alleged violator resides or has his or her principal place of business, or in Thurston county. Proof of failure to comply with the assurance of discontinuance shall be prima facie evidence of a violation of this chapter.
[ 1979 ex.s. c 68 § 31; 1974 ex.s. c 77 § 13.]
NOTES:
Effective date—1974 ex.s. c 77: See note following RCW 21.20.040.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.440 - Judicial review of order—Modification of order by director on additional evidence.

RCW 21.20.440
Judicial review of order—Modification of order by director on additional evidence.
Any person aggrieved by a final order of the director may obtain a review of the order in the county in which that person resides or in any other court of competent jurisdiction by filing in court, within sixty days after the entry of the order, a written petition praying that the order be modified or set aside in whole or in part. A copy of the petition shall be forthwith served upon the director, and thereupon the director shall certify and file in court a copy of the filing, testimony, and other evidence upon which the order was entered. When these have been filed, the court has exclusive jurisdiction to affirm, modify, enforce, or set aside the order, in whole or in part. No objection to the order may be considered by the court unless it was urged before the director or there were reasonable grounds for failure to do so. The findings of the director as to the facts, if supported by substantial evidence, are conclusive. If either party applies to the court for leave to adduce additional evidence, and shows to the satisfaction of the court that the additional evidence is material and that there were reasonable grounds for failure to adduce the evidence in the hearing before the director, the court may order the additional evidence to be taken before the director and to be adduced upon the hearing in such manner and upon such conditions as the court may consider proper. The director may modify his or her findings by reason of the additional evidence so taken; and the director shall file any modified or new findings, which if supported by substantial evidence shall be conclusive, and any recommendation for the modification or setting aside of the original order. The commencement of proceedings under this section does not, unless specifically ordered by the court, operate as a stay of the director's order.
[ 1979 ex.s. c 68 § 32; 1959 c 282 § 44.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.450 - Administration of chapter—Rules and forms, publication—Cooperation with other state and federal authorities.

RCW 21.20.450
Administration of chapter—Rules and forms, publication—Cooperation with other state and federal authorities.
(1) The administration of the provisions of this chapter shall be under the department of financial institutions. The director may from time to time make, amend, and repeal such rules, forms, and orders as are necessary to carry out the provisions of this chapter, including rules defining any term, whether or not such term is used in the Washington securities law. The director may classify securities, persons, and matters within the director's jurisdiction, and prescribe different requirements for different classes. No rule, form, or order may be made unless the director 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 this chapter. In prescribing rules and forms the director may cooperate with the securities administrators of the other states and the securities and exchange commission with a view to effectuating the policy of this statute to achieve maximum uniformity in the form and content of registration statements, applications, and reports wherever practicable. All rules and forms of the director shall be published.
(2) To encourage uniform interpretation and administration of this chapter and effective securities regulation and enforcement, the director may cooperate with the securities agencies or administrators of one or more states, Canadian provinces or territories, or another country, the securities and exchange commission, the commodity futures trading commission, the securities investor protection corporation, any self-regulatory organization, any national or international organization of securities officials or agencies, and any governmental law enforcement or regulatory agency.
(3) The cooperation authorized by subsection (2) of this section includes:
(a) Establishing a central depository for licensing or registration under this chapter and for documents or records required or allowed to be maintained under this chapter;
(b) Making a joint license or registration examination or investigation;
(c) Holding a joint administrative hearing;
(d) Filing and prosecuting a joint civil or administrative hearing;
(e) Sharing and exchanging personnel;
(f) Sharing and exchanging information and documents; and
(g) Formulating under chapter 34.05 RCW, rules or proposed rules on matters such as statements of policy, guidelines, and interpretative opinions and releases.
[ 1994 c 256 § 24; 1993 c 472 § 15; 1979 ex.s. c 68 § 33; 1979 c 158 § 86; 1975 1st ex.s. c 84 § 25; 1959 c 282 § 45.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Effective date—1993 c 472: See RCW 43.320.900.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.460 - Administrator of securities—Appointment, qualifications, term, etc.

RCW 21.20.460
Administrator of securities—Appointment, qualifications, term, etc.
The director shall appoint a competent person to administer this chapter who shall be designated administrator of securities. The director shall delegate to the administrator such powers, subject to the authority of the director, as may be necessary to carry out the provisions of this chapter. The administrator shall hold office at the pleasure of the director.
[ 1959 c 282 § 46.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.470 - Compensation, travel expenses of administrator and employees.

RCW 21.20.470
Compensation, travel expenses of administrator and employees.
The administrator, and any person employed by the administrator, shall be paid, in addition to regular compensation, travel expenses incurred by each of them in the performance of their duties under this chapter in accordance with RCW 43.03.050 and 43.03.060 as now existing or hereafter amended.
[ 1979 ex.s. c 68 § 34; 1975-'76 2nd ex.s. c 34 § 64; 1959 c 282 § 47.]
NOTES:
Effective date—Severability—1975-'76 2nd ex.s. c 34: See notes following RCW 2.08.115.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.480 - Unlawful use or disclosure of filed information.

RCW 21.20.480
Unlawful use or disclosure of filed information.
It is unlawful for the director or any of the director's officers or employees to use for personal benefit any information which is filed with or obtained by the director and which is not made public. The director or any of the director's officers or employees shall not disclose any such information or the fact that any investigation is being made except among themselves or when necessary or appropriate in a proceeding or investigation under this chapter. No provision of this chapter either creates or derogates from any privilege which exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to the director or any of the director's officers or employees.
[ 1979 ex.s. c 68 § 35; 1959 c 282 § 48.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.490 - No liability under chapter for act in good faith.

RCW 21.20.490
No liability under chapter for act in good faith.
No provision of this chapter imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, or order of the director, notwithstanding that the rule or form may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
[ 1959 c 282 § 49.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.500 - Administrative hearings public—Exception.

RCW 21.20.500
Administrative hearings public—Exception.
Every hearing in an administrative proceeding shall be public unless the director in his or her discretion grants a request joined in by all the respondents that the hearing be conducted privately.
[ 1979 ex.s. c 68 § 36; 1959 c 282 § 50.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.510 - Document filed when received—Register—Inspection of register, information, etc.

RCW 21.20.510
Document filed when received—Register—Inspection of register, information, etc.
A document is filed with the director when it is received by the director or by a person as the director designates by rule or order. The director or the director's designee shall keep a register of all applications for registration and registration statements which are or have ever been effective under this chapter and all denial, suspension, or revocation orders which have ever been entered under this chapter. The register shall be open for public inspection. The information contained in or filed with any registration statement, application, or report may be made available to the public under such rules as the director prescribes.
[ 1994 c 256 § 25; 1959 c 282 § 51.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.520 - Copies of entries, documents to be furnished—Copies as prima facie evidence.

RCW 21.20.520
Copies of entries, documents to be furnished—Copies as prima facie evidence.
Upon request and at such reasonable charges as the director prescribes, the director shall furnish to any person photostatic or other copies (certified under his or her seal of office if requested) of any entry in the register or any document which is a matter of public record. In any proceeding or prosecution under this chapter, any copy so certified is prima facie evidence of the contents of the entry or document certified.
[ 2011 c 336 § 596; 1979 ex.s. c 68 § 37; 1959 c 282 § 52.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.530 - Interpretative opinions by director.

RCW 21.20.530
Interpretative opinions by director.
The director in his or her discretion may honor requests from interested persons for interpretative opinions.
[ 1979 ex.s. c 68 § 38; 1959 c 282 § 53.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.540 - Exemptions, exceptions, and preemptions—Burden of proof.

RCW 21.20.540
Exemptions, exceptions, and preemptions—Burden of proof.
In any proceeding under this chapter, the burden of proving an exemption, an exception from a definition, or a preemption of a provision of this chapter is upon the person claiming it.
[ 1998 c 15 § 21; 1959 c 282 § 54.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.700 - Investigations and examinations—Additional authority—Scope.

RCW 21.20.700
Investigations and examinations—Additional authority—Scope.
(1) In addition to the authority conferred in RCW 21.20.370 the director at any time during a public offering whether registered or not, or one year thereafter or at any time that any debt or equity securities which have been sold to the public pursuant to registration under this chapter are still an outstanding obligation of the issuer: (a) May investigate the issuer for the purpose of ascertaining whether there have been violations of this chapter, rules adopted under this chapter, or any conditions imposed by the director expressed in any permit for a public offering or otherwise; (b) may visit and examine the issuer for the purpose of assuring compliance with this chapter, rules adopted under this chapter, or any conditions imposed by the director whether expressed in the permit for the public offering or otherwise; (c) may require or permit any person to file a statement in writing, under oath or otherwise as the director may determine, as to all the facts and circumstances concerning the matter to be investigated; and (d) may publish information concerning any violation of this chapter, or any rule, order, or condition adopted or imposed under this chapter.
(2) The examination or investigation, whether conducted within or without this state, shall include the right to reasonably examine the issuer's books, accounts, records, files, papers, feasibility reports, other pertinent information and obtain written permission from the issuer to consult with the independent accountant who audited the financial statements of the issuer. The reasonable costs of the examination shall be paid by the issuer to the director. The issuer shall not be liable for the costs of second or subsequent examinations during a calendar year.
[ 1988 c 244 § 1; 1973 1st ex.s. c 171 § 5.]
NOTES:
Severability—1988 c 244: "If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected." [ 1988 c 244 § 18.]
Effective date—1988 c 244: "Sections 1 through 16 of this act shall take effect July 1, 1988." [ 1988 c 244 § 20.]
Implementation—Application—1988 c 244: "The director of licensing may take whatever action is necessary to implement this act on its effective date. This act applies to any person, individual, corporation, partnership, or association whether or not in existence on or prior to July 1, 1988. The director of licensing may adopt transition rules in order to allow debenture companies in existence prior to July 1, 1988, a reasonable amount of time to comply with the requirements of this act. Transition rules shall require compliance with this act not later than January 1, 1990." [ 1988 c 244 § 21.]
Investigations: RCW 21.20.370.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.702 - Suitability of recommendation—Reasonable grounds required.

RCW 21.20.702
Suitability of recommendation—Reasonable grounds required.
(1) In recommending to a customer the purchase, sale, or exchange of a security, a broker-dealer, salesperson, investment adviser, or investment adviser representative must have reasonable grounds for believing that the recommendation is suitable for the customer upon the basis of the facts, if any, disclosed by the customer as to his or her other security holdings and as to his or her financial situation and needs.
(2) Before the execution of a transaction recommended to a noninstitutional customer, other than transactions with customers where investments are limited to money market mutual funds, a broker-dealer, salesperson, investment adviser, or investment adviser representative shall make reasonable efforts to obtain information concerning:
(a) The customer's financial status;
(b) The customer's tax status;
(c) The customer's investment objectives; and
(d) Such other information used or considered to be reasonable by the broker-dealer, salesperson, investment adviser, or investment adviser representative in making recommendations to the customer.
[ 1994 c 256 § 26; 1993 c 470 § 2.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.810 - Application of chapter not limited.

RCW 21.20.810
Application of chapter not limited.
Nothing in RCW 21.20.700, 21.20.702, or 21.20.855 limits the application of other provisions of this chapter.
[ 2020 c 151 § 1; 1988 c 244 § 7.]
NOTES:
Severability—Effective date—Implementation—Application—1988 c 244: See notes following RCW 21.20.700.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.855 - Examination reports and information—Exempt from public disclosure—Use in civil actions.

RCW 21.20.855
Examination reports and information—Exempt from public disclosure—Use in civil actions.
(1) Examination reports and information obtained by the director or the director's representatives in conducting examinations pursuant to RCW 21.20.700 shall not be subject to public disclosure under chapter 42.56 RCW.
(2) In any civil action in which the reports are sought to be discovered or used as evidence, any party may, upon notice to the director, petition the court for an in camera review of the report. The court may permit discovery and introduction of only those portions of the report which are relevant and otherwise unobtainable by the requesting party. This subsection shall not apply to an action brought or defended by the director.
[ 2005 c 274 § 238; 1988 c 244 § 16.]
NOTES:
Severability—Effective date—Implementation—Application—1988 c 244: See notes following RCW 21.20.700.
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.860 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.

RCW 21.20.860
Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.
For the purposes of this chapter, the terms spouse, marriage, marital, husband, wife, widow, widower, next of kin, and family shall be interpreted as applying equally to state registered domestic partnerships or individuals in state registered domestic partnerships as well as to marital relationships and married persons, and references to dissolution of marriage shall apply equally to state registered domestic partnerships that have been terminated, dissolved, or invalidated, to the extent that such interpretation does not conflict with federal law. Where necessary to implement chapter 521, Laws of 2009, gender-specific terms such as husband and wife used in any statute, rule, or other law shall be construed to be gender neutral, and applicable to individuals in state registered domestic partnerships.
[ 2009 c 521 § 61.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.900 - Construction to secure uniformity.

RCW 21.20.900
Construction to secure uniformity.
This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it and to coordinate the interpretation and administration of this chapter with the related federal regulation.
[ 1959 c 282 § 61.]
2023 Revised Code of Washington › Title 21 - Securities and Investments › Chapter 21.20 - Securities Act of Washington. › 21.20.910 - Saving—Civil, criminal proceedings.

RCW 21.20.910
Saving—Civil, criminal proceedings.
Prior law exclusively governs all suits, actions, prosecutions, or proceedings which are pending or may be initiated on the basis of facts or circumstances occurring before the effective date of this chapter, except that no civil suit or action may be maintained to enforce any liability under prior law unless brought within any period of limitation which applied when the cause of action accrued and in any event within two years after the *effective date of this chapter.
[ 1959 c 282 § 63.]
NOTES:
*Reviser's note: The "effective date of this chapter" is midnight June 10, 1959, see preface 1959 session laws.