reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-22B - Salespersons of broker-dealers › Section 460-22B-030 - Registration procedure

Current through Register Vol. 24-14, July 15, 2024
(1) Applications
			 for registration of salespersons of broker-dealers that are members of a
			 national securities association or national securities exchange must be
			 submitted, together with the required fee, through the Central Registration
			 Depository (CRD).
(2) Applications
			 for registration of salespersons of broker-dealers not members of a national
			 securities association or national securities exchange must be submitted to the
			 securities division on Form U-4 together with the required fee and proof of
			 passage of required examinations.
Statutory Authority:
				  RCW
				  21.20.070 and
				  21.20.450. 95-16-026, §
										460-22B-030, filed 7/21/95,
				  effective 8/21/95.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-22B - Salespersons of broker-dealers › Section 460-22B-040 - Salesperson registration and examination

Current through Register Vol. 24-14, July 15, 2024
(1) Every applicant for registration as a
			 securities salesperson of a broker-dealer shall pass the examinations specified
			 below.
(a) For applicants seeking registration
			 as salespersons of broker-dealers that are members of a national securities
			 association or national securities exchange:
(i) The uniform securities agent state law
			 examination (series 63); or the uniform combined state law examination (series
			 66); and
(ii) The appropriate
			 qualifying examination administered by such national securities
			 association.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-22B - Salespersons of broker-dealers › Section 460-22B-050 - Expiration of salesperson license, renewal procedure, and delinquency fees

Current through Register Vol. 24-14, July 15, 2024
(1) A license issued
			 pursuant to this section shall be effective until December 31 of the year of
			 issuance at which time it shall be renewed or if not renewed shall be deemed
			 delinquent. For any renewal application postmarked after the expiration date
			 but received by the administrator by the following March 1, the licensee shall
			 pay a delinquency fee of fifty dollars in addition to the renewal fee. No
			 renewal applications will be accepted after that time.
(2) A salesperson registered with a
			 broker-dealer that is a member of a national securities association or a
			 national securities exchange shall make application for renewal using one of
			 the following methods:
(a) Through the Central
			 Registration Depository (CRD) prior to the CRD's closing date for renewals;
			 or
(b) With the securities division
			 after the closing date for renewals through the CRD.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-22B - Salespersons of broker-dealers › Section 460-22B-060 - Duty to update application

Current through Register Vol. 24-14, July 15, 2024
A salesperson who has been issued a license under this chapter
				has a duty to update his or her application. If an event occurs that causes a
				salesperson's application to be inaccurate, the salesperson shall amend his or
				her application within thirty days of the occurrence of the event. The
				amendment shall be made as follows:
(1) For a salesperson of a broker-dealer that
			 is a member of a national securities association or national securities
			 exchange, through the Central Registration Depository; or
(2) For a salesperson of a broker-dealer that
			 is not a member of a national securities association or national securities
			 exchange, by filing an amended Form U-4 with the securities division.
Statutory Authority:
				  RCW
				  21.20.070 and
				  21.20.450. 95-16-026, §
										460-22B-060, filed 7/21/95,
				  effective 8/21/95.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-23B - Salespersons for issuers › Section 460-23B-010 - Application

Current through Register Vol. 24-14, July 15, 2024
The rules contained in this chapter apply to the registration
				of securities salespersons for issuers.
Statutory Authority:
				  RCW
				  21.20.070 and
				  21.20.450. 95-16-026, §
										460-23B-010, filed 7/21/95,
				  effective 8/21/95.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-23B - Salespersons for issuers › Section 460-23B-020 - Registration procedure

Current through Register Vol. 24-14, July 15, 2024
Applications for registration of salespersons of issuers must
				be submitted to the securities administrator on Form U-4 together with the
				required fee and proof of passage of required examinations.
Statutory Authority:
				  RCW
				  21.20.070 and
				  21.20.450. 95-16-026, §
										460-23B-020, filed 7/21/95,
				  effective 8/21/95.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-23B - Salespersons for issuers › Section 460-23B-030 - Salesperson examination requirements

Current through Register Vol. 24-14, July 15, 2024
Every applicant for registration as a securities salesperson
				of an issuer shall pass the examinations specified below:
(1) For an officer or director of an issuer
			 that is a corporation, or a general partner of an issuer that is a limited
			 partnership, or a manager of an issuer that is a limited liability company
			 seeking registration as a salesperson for an issuer of a single offering of the
			 issuer who will receive no commissions or similar remuneration directly or
			 indirectly in connection with the offer or sale of the issuer's securities, no
			 examination is required;
(2) For an
			 officer or director of the issuer seeking registration as a salesperson for an
			 issuer of a single offering of the issuer, the uniform state law examination
			 (series 63); or the uniform combined state law examination (series 66) is
			 required;
(3) For all other
			 salespersons of issuers:
(a) The uniform
			 securities agent state law examination (series 63); or the uniform combined
			 state law examination (series 66); and
(b) The appropriate qualifying examination
			 administered by the Financial Industry Regulatory Authority, Inc. for the
			 activities in which the salesperson is to engage;
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-23B - Salespersons for issuers › Section 460-23B-040 - Expiration of salesperson license, renewal procedure, and delinquency fees

Current through Register Vol. 24-14, July 15, 2024
A license issued to a salesperson representing an issuer shall
				expire on the expiration date of the securities registration of the issuer. The
				license shall be renewed, or if not renewed, shall be deemed delinquent at the
				expiration of the issuer's securities registration. For any renewal application
				postmarked after the expiration date but received by the administrator within
				two months of the expiration date, the licensee shall pay a delinquency fee of
				fifty dollars in addition to the renewal fee. No renewal applications will be
				accepted after that time.
Statutory Authority:
				  RCW
				  21.20.070 and
				  21.20.450. 95-16-026, §
										460-23B-040, filed 7/21/95,
				  effective 8/21/95.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-23B - Salespersons for issuers › Section 460-23B-050 - Duty to update application

Current through Register Vol. 24-14, July 15, 2024
A salesperson who has been issued a license has a duty to
				update his or her application. If an event occurs that causes a salesperson's
				application to be inaccurate, the salesperson shall file an amended Form U-4
				with the Securities Division within thirty days of the occurrence of the
				event.
Statutory Authority:
				  RCW
				  21.20.070 and
				  21.20.450. 95-16-026, §
										460-23B-050, filed 7/21/95,
				  effective 8/21/95.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-23B - Salespersons for issuers › Section 460-23B-060 - Exemption from registration for condominium salespersons

Current through Register Vol. 24-14, July 15, 2024
An exemption from registration as a broker-dealer or
				salesperson will be granted to those engaged in exclusively selling condominium
				securities provided:
(1) That the
			 person claiming the exemption give written notice of their intention to claim
			 the exemption five working days prior to exercising the exemption;
			 and
(2) They submit their
			 Washington real estate license number to the division.
If for any reason the person claiming this exemption should
				have their Washington real estate license cancelled, suspended or revoked then
				this exemption will not apply to any further transactions.
Statutory Authority:
				  RCW
				  21.20.070 and
				  21.20.450. 95-16-026, §
										460-23B-060, filed 7/21/95,
				  effective 8/21/95.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-23B - Salespersons for issuers › Section 460-23B-070 - Termination of salespersons for issuers

Current through Register Vol. 24-14, July 15, 2024
Pursuant to
				RCW
				 21.20.080, if a salesperson for an issuer
				terminates employment or association with an issuer, the issuer and the
				salesperson must notify the director of the termination by complying with the
				instructions to Form U5 and filing a paper copy of a completed Form U5 with the
				securities division within thirty days of termination.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-005 - Definitions

Current through Register Vol. 24-14, July 15, 2024
For purposes of this chapter:
(1)
"Advertisement"
means any
			 business card, notice, circular, letter or other written communication
			 addressed to more than one person, or any notice or other announcement in any
			 publication or by electronic means, including online, or by radio or
			 television, which offers:
(a) Any analysis,
			 report, or publication concerning securities, or which is to be used in making
			 any determination as to when to buy or sell any security, or which security to
			 buy or sell;
(b) Any graph, chart,
			 formula or other device to be used in making any determination as to when to
			 buy or sell any security, or which security to buy or sell; or
(c) Any other investment advisory service
			 with regard to securities.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-010 - Application of rules to out-of-state investment advisers

Current through Register Vol. 24-14, July 15, 2024
If you are an investment adviser or investment adviser
				representative with your principal office and place of business outside the
				state of Washington, these rules apply only to that part of your business
				within the state of Washington.
Order 304, §
										460-24A-010, filed 2/28/75,
				  effective 4/1/75. Formerly chapter 460-24
				  WAC.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-020 - Investment adviser representatives employed by federal covered advisers

Current through Register Vol. 24-14, July 15, 2024
If you are an individual employed by or associated with a
				federal covered adviser you are an "investment adviser representative," as
				defined under
				RCW
				 21.20.005, if you have a "place of business"
				in this state, as that term is defined under section 203A of the Investment
				Advisers Act of 1940, and:
(1) You are
			 an "investment adviser representative" as that term is defined in rules or
			 regulations promulgated under the Investment Advisers Act of 1940 by the U.S.
			 Securities and Exchange Commission; or
(2) You solicit, offer, or negotiate for the
			 sale of or sell investment advisory services on behalf of a federal covered
			 adviser, but are not a "supervised person" as that term is defined under the
			 Investment Advisers Act of 1940.
Statutory Authority:
				  RCW
				   21.20.450. 12-10-051, §
										460-24A-020, filed 4/30/12,
				  effective 5/31/12. Statutory Authority:
				  RCW
				   21.20.450,
				  21.20.050,
				  21.20.100. 01-16-125, §
										460-24A-020, filed 7/31/01,
				  effective 10/24/01.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-030 - Use of the term "investment counsel" is prohibited

Current through Register Vol. 24-14, July 15, 2024
If you are an investment adviser or investment adviser
				representative, you must not use the title "investment counsel" in the conduct
				of your business nor represent that you are an "investment counsel" nor use the
				term "investment counsel" as descriptive of your business where such use is
				prohibited under the provisions of the Federal Investment Advisers Act of 1940,
				as amended.
Order 304, §
										460-24A-030, filed 2/28/75,
				  effective 4/1/75. Formerly chapter 460-24
				  WAC.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-035 - Counting of clients for registration purposes

Current through Register Vol. 24-14, July 15, 2024
(1)
General.
You may count each
			 of the following as a single client of an investment adviser for purposes of
			 the registration requirement in
			 RCW
			  21.20.040(3):
(a) A natural person; and
(i) Any minor child of the natural
			 person;
(ii) Any relative, spouse,
			 or relative of the spouse of the natural person who has the same principal
			 residence;
(iii) All accounts of
			 which the natural person and/or the persons referred to in (a) of this
			 subsection are the only primary beneficiaries; and
(iv) All trusts of which the natural person
			 and/or the persons referred to in (a) of this subsection are the only primary
			 beneficiaries;
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-040 - Use of certain terms deemed similar to "financial planner" or "investment counselor"

Current through Register Vol. 24-14, July 15, 2024
(1) For
			 the purposes of
			 RCW
			  21.20.040(4), use of any
			 term, or abbreviation for a term, including the word "financial planner" or the
			 word "investment counselor" is considered the same as the use of either of
			 those terms alone.
(2) For the
			 purposes of
			 RCW
			  21.20.040(4), terms that are
			 deemed similar to "financial planner" and "investment counselor" include, but
			 are not limited to, the following:
(a)
			 Financial consultant;
(b)
			 Investment consultant;
(c) Money
			 manager;
(d) Investment
			 manager;
(e) Investment
			 planner;
(f) Chartered financial
			 consultant or its abbreviation ChFC;
(g) Certified financial planner or its
			 abbreviation CFP®; or
(h) Any
			 combination of terms similar to the above if used in a manner that implies to
			 the general public that the individual or entity using the terms is in the
			 business of providing investment advisory or financial planning
			 services.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-045 - Holding out as a financial planner

Current through Register Vol. 24-14, July 15, 2024
If you use a term deemed similar to "financial planner" or
				"investment counselor" under WAC
				460-24A-040(2),
				you will not be considered to be holding yourself out as a financial planner
				for purposes of
				RCW
				 21.20.005 and
				21.20.040 under the following circumstances:
(1)
			 You are not in the business of providing advice relating to the purchase or
			 sale of securities, and would not, but for your use of such a term, be an
			 investment adviser required to register pursuant to
			 RCW
			  21.20.040; and
(2) You do not directly or indirectly receive
			 a fee for providing investment advice. Receipt of any portion of a "wrap fee,"
			 that is, a fee for some combination of brokerage and investment advisory
			 services, constitutes receipt of a fee for providing investment advice for the
			 purpose of this section; and
(3)
			 You deliver to every customer, at least forty-eight hours before accepting any
			 compensation, including commissions from the sale of any investment product, a
			 written disclosure including the following information:
(a) You are not registered as an investment
			 adviser or investment adviser representative in the state of
			 Washington;
(b) You are not
			 authorized to provide financial planning or investment advisory services and do
			 not provide such services; and
(c)
			 A brief description of your business which description must include a statement
			 of the kind of products offered or services provided (e.g., you are in the
			 business of selling securities and insurance products) and of the basis on
			 which you are compensated for the products sold or services provided;
			 and
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-047 - Electronic filing

Current through Register Vol. 24-14, July 15, 2024
(1)
			 Designation. Pursuant to
			 RCW
			  21.20.050, the director designates the
			 Investment Adviser Registration Depository (IARD) and the Central Registration
			 Depository (CRD) operated by Financial Industry Regulatory Authority (FINRA) to
			 receive and store filings and collect related fees from investment advisers,
			 federal covered advisers, and investment adviser representatives on behalf of
			 the director.
(2) Use of IARD and
			 CRD. Unless otherwise provided, all investment adviser, federal covered
			 adviser, and investment adviser representative applications, amendments,
			 reports, notices, related filings, and fees required to be filed with the
			 director pursuant to the rules promulgated under this chapter, must be filed
			 electronically with and transmitted to IARD or CRD. The following additional
			 conditions relate to such electronic filings:
(a) Electronic signature. When a signature or
			 signatures are required by the particular instructions of any filing to be made
			 through IARD or CRD, a duly authorized officer of the applicant or the
			 applicant him or herself, as required, must affix his or her electronic
			 signature to the filing by typing his or her name in the appropriate fields and
			 submitting the filing to IARD or CRD. Submission of a filing in this manner
			 will constitute irrefutable evidence of legal signature by any individuals
			 whose names are typed on the filing.
(b) When filed. Solely for purposes of a
			 filing made through IARD or CRD, a document is considered filed with the
			 director when all fees are received and the filing is accepted by IARD or CRD
			 on behalf of the state.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-050 - Registration and examination requirements

Current through Register Vol. 24-14, July 15, 2024
(1)
Examination requirements.
If
			 you are applying to be registered as an investment adviser or investment
			 adviser representative under
			 RCW
			  21.20.040, you must provide the director with
			 proof that you have obtained a passing score within the two-year period
			 immediately preceding the date of your application on the following
			 examinations:
(a) The Uniform Investment
			 Adviser Law Examination (Series 65 examination);
(b) If you apply prior to October 1, 2018,
			 the General Securities Representative Examination (Series 7 examination) and
			 the Uniform Combined State Law Examination (Series 66 examination);
			 or
(c) If you apply on or after
			 October 1, 2018, the Securities Industry Essentials Examination (SIE
			 examination), the General Securities Representative Examination (Series 7
			 examination), and the Uniform Combined State Law Examination (Series 66
			 examination).
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-055 - Effective date of registration

Current through Register Vol. 24-14, July 15, 2024
All investment adviser and investment adviser representative
				registrations will be effective beginning on the date the director approves the
				application in IARD or CRD. All registrations will expire on December 31st of
				the year of issuance . If the investment adviser or investment adviser
				representative does not renew its registration by December 31st, the director
				will deem the registration delinquent.
Statutory Authority:
				  RCW
				   21.20.450,
				  21.20.050,
				  21.20.100. 01-16-125, §
										460-24A-055, filed 7/31/01,
				  effective 10/24/01. Statutory Authority:
				  RCW
				   21.20.070 and
				  21.20.450. 95-16-026, §
										460-24A-055, filed 7/21/95,
				  effective 8/21/95. Statutory Authority:
				  RCW
				   21.20.080,
				  21.20.340 and
				  21.20.450. 88-17-011 (Order
				  SDO-047-88), §
										460-24A-055, filed
				  8/8/88.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-057 - Renewal of investment adviser and investment adviser representative registration-Delinquency fees

Current through Register Vol. 24-14, July 15, 2024
(1)
Application for renewal.
You
			 may renew your registration as an investment adviser or investment adviser
			 representative by filing the following with IARD or CRD no later than the
			 renewal application deadline set by FINRA:
(a) Any renewal application required by
			 IARD;
(b) The renewal fee required
			 by
			 RCW
			  21.20.340; and
(c) An electronically submitted Form U4,
			 unless:
(i) The Form U4 has been previously
			 submitted to IARD electronically; or
(ii) The investment adviser, filing on behalf
			 of the investment adviser representative, has been granted a hardship exemption
			 under WAC
			 460-24A-047(4).
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-058 - Completion of filing (Repealed)

Current through Register Vol. 24-14, July 15, 2024
Statutory Authority:
				  RCW
				   21.20.450,
				  21.20.050,
				  21.20.100. 01-16-125, §
										460-24A-058, filed 7/31/01,
				  effective 10/24/01.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-059 - Pending application-Notice of termination-Application for continuation

Current through Register Vol. 24-14, July 15, 2024
The director may at his or her discretion send notice to an
				applicant for investment adviser or investment adviser representative
				registration with respect to any pending application 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 such notice unless on or before the termination
				date the applicant responds in writing to the director showing good cause why
				the application should be continued as a pending application. If the applicant
				does not request in writing that the application be continued or show good
				cause why it should be continued, the director may terminate the pending
				application.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-060 - Financial reporting requirements for investment advisers

Current through Register Vol. 24-14, July 15, 2024
(1) If you are an investment adviser
			 registered or required to be registered under
			 RCW
			  21.20.040 who has custody of client funds or
			 securities, you must file with the director an audited balance sheet as of the
			 end of your fiscal year. You must file the audited balance sheet in electronic
			 format by email or through a proprietary electronic filing system to be
			 established by the director for the purposes of accepting such filings. Each
			 balance sheet filed pursuant to this subsection must be:
(a) Prepared in conformity with generally
			 accepted accounting principles (GAAP) in the United States and audited in
			 accordance with generally accepted auditing standards (GAAS) in the United
			 States by an independent certified public accountant; and
(b) Accompanied by an audit opinion of the
			 accountant on the audit of the balance sheet.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-070 - Notice filing requirements for federal covered advisers

Current through Register Vol. 24-14, July 15, 2024
(1)
Notice
			 filing.
If you are a federal covered adviser, you must file the notice
			 filing required pursuant to
			 RCW
			  21.20.050 with IARD on a completed Form ADV.
			 The notice filing will be deemed filed when the fee required by
			 RCW
			  21.20.340 and the Form ADV are filed with and
			 accepted by IARD on behalf of the state.
(2)
Form ADV Part 2.
The
			 director will accept a copy of Part 2 of Form ADV as filed electronically with
			 IARD.
(3)
Renewal.
If
			 you are a federal covered adviser, you must file the annual renewal of your
			 notice filing with IARD. The renewal will be deemed filed when the fee required
			 by
			 RCW
			  21.20.340 is filed with and accepted by IARD
			 on behalf of the state.
(4)
Updates and amendments.
If you are a federal covered adviser, you
			 must file any amendments to your Form ADV with IARD in accordance with the
			 instructions in the Form ADV.
(5)
Hardship exemption.
If you are a federal covered adviser that,
			 because you have received a hardship exemption from the Securities and Exchange
			 Commission (SEC), are not required to file your Form ADV with the SEC through
			 IARD you will, in lieu of filing electronically, file the documents and fees
			 required by this section directly with the director.
Statutory Authority:
				  RCW
				   21.20.450,
				  21.20.050,
				  21.20.100. 01-16-125, §
										460-24A-070, filed 7/31/01,
				  effective 10/24/01.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-071 - Registration exemption for investment advisers to private funds

Current through Register Vol. 24-14, July 15, 2024
(1)
Exemption
			 for private fund advisers.
You are exempt from the registration
			 requirements for investment advisers in
			 RCW
			  21.20.040 if you are a private fund adviser
			 as defined in WAC
			 460-24A-005 and you
			 satisfy each of the following conditions:
(a)
			 Neither you nor any of your advisory affiliates are subject to a
			 disqualification as described in Securities and Exchange Commission Rule
			 506(d),  17 C.F.R. Sec. 230.506(d), as amended effective September 23, 2013;
			 and
(b) You file with the director
			 each report and amendment thereto that an exempt reporting adviser is required
			 to file with the Securities and Exchange Commission pursuant to Securities and
			 Exchange Commission Rule 204-4,
			 17 C.F.R.
			 275.204-4, as amended effective September 19,
			 2011.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-072 - Registration exemption for investment advisers to venture capital funds

Current through Register Vol. 24-14, July 15, 2024
(1)
Exemption
			 for venture capital fund advisers.
You are exempt from the registration
			 requirements for investment advisers in
			 RCW
			  21.20.040 if you are exempt from registration
			 under Section 203(1) of the Investment Advisers Act of 1940,
			 15 U.S.C.
			 80b-3(1), and Securities and
			 Exchange Commission Rule 203 (1)-1,  17 C.F.R. 275.203(1)-1, as adopted
			 effective July 21, 2011, provided you satisfy each of the following conditions:
(a) Neither you nor any of your advisory
			 affiliates are subject to a disqualification as described in Securities and
			 Exchange Commission Rule 506(d),  17 C.F.R. Sec. 230.506(d), as amended
			 effective September 23, 2013; and
(b) You file with the director each report
			 and amendment thereto that an exempt reporting adviser is required to file with
			 the Securities and Exchange Commission pursuant to Securities and Exchange
			 Commission Rule 204-4,
			 17 C.F.R.
			 275.204-4, as adopted effective September 19,
			 2011.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-080 - Termination of investment adviser and investment adviser representative registration and federal covered adviser notice filing status

Current through Register Vol. 24-14, July 15, 2024
(1) Investment advisers and federal covered
			 advisers. If you are an investment adviser or federal covered adviser and you
			 want to terminate your registration or notice filing, you must do so by
			 complying with the instructions to Form ADV-W and filing a completed Form ADV-W
			 with IARD.
(2) Investment adviser
			 representative. If you are an investment adviser and you terminate an
			 investment adviser representative, you must terminate the registration of the
			 investment adviser representative pursuant to
			 RCW
			  21.20.080 by complying with the instructions
			 to Form U5 and filing a completed Form U5 with IARD within thirty days of
			 termination.
Statutory Authority:
				  RCW
				   21.20.450,
				  21.20.050,
				  21.20.100. 01-16-125, §
										460-24A-080, filed 7/31/01,
				  effective 10/24/01.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-100 - Advertisements and written client communications by investment advisers

Current through Register Vol. 24-14, July 15, 2024
If you are an investment adviser or investment adviser
				representative, it is an "act, practice, or course of business" which operates
				or would operate as a fraud within the meaning of
				RCW
				 21.20.020 for you, directly or indirectly, to
				publish, circulate or distribute any advertisement or written client
				communication (including advertisements and written communications directed to
				prospective clients) if the advertisement or written client
				communication:
(1) Refers, directly or
			 indirectly, to any testimonial of any kind concerning you or concerning any
			 advice, analysis, report or other service rendered by you;
(2) Refers, directly or indirectly, to any
			 past specific recommendations you made which were or would have been profitable
			 to any person: Provided, however, That this clause under this subsection (2)
			 does not prohibit you from setting out or offering to furnish a list of all
			 recommendations you made within the immediately preceding period of not less
			 than one year if such advertisement or written client communication, and such
			 list if it is furnished separately:
(a)
			 States the name of each such security recommended, the date and nature of each
			 such recommendation (e.g., whether to buy, sell or hold), the market price at
			 that time, the price at which the recommendation was to be acted upon, and the
			 market price of each such security as of the most recent practicable date;
			 and
(b) Contains the following
			 cautionary legend on the first page thereof in print or type as large as the
			 largest print or type used in the body or text thereof: "It should not be
			 assumed that recommendations made in the future will be profitable or will
			 equal the performance of the securities in this list".
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-105 - Requirements for an investment adviser that has custody or possession of client funds or securities

Current through Register Vol. 24-14, July 15, 2024
If you are an investment adviser registered or required to be
				registered under
				RCW
				 21.20.040, it will constitute an "act,
				practice, or course of business" which operates or would operate as a fraud
				within the meaning of
				RCW
				 21.20.020 for you to have custody of client
				funds or securities unless:
(1)
You notify the director.
You notify the director promptly on Form
			 ADV that you have or may have custody;
(2)
A qualified custodian maintains
			 your clients' funds and securities.
(a) A qualified custodian maintains your
			 clients' funds and securities:
(i) In a
			 separate account for each client under that client's name; or
(ii) In accounts that contain only your
			 clients' funds and securities, under either your name as agent or trustee for
			 the clients or, in the case of a pooled investment vehicle that you manage, in
			 the name of the pooled investment vehicle; and
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-106 - Additional custody requirements for an investment adviser that directly deducts fees from client accounts

Current through Register Vol. 24-14, July 15, 2024
(1) If
			 you are an investment adviser registered or required to be registered under
			 RCW
			  21.20.040 who has custody as defined in WAC
			 460-24A-005(6)
			 because you have the authority to directly deduct fees from client accounts,
			 you must comply with the requirements in WAC
			 460-24A-105
			 and the following additional safeguards:
(a)
You must have your client's written authorization.
You must have
			 written authorization from your client to deduct advisory fees from the account
			 held with the qualified custodian.
(b)
You must provide notice to the
			 qualified custodian and an itemized invoice to your client.
Each time a
			 fee is directly deducted from your client's account, you must concurrently:
(i) Send the qualified custodian notice of
			 the amount of the fee to be deducted from your client's account; and
(ii) Send your client an invoice itemizing
			 the fee. Item-ization includes the formula used to calculate the fee, the fee
			 calculation itself, the amount of assets under management the fee is based on,
			 the time period covered by the fee, and if you charge performance compensation,
			 the client's cumulative net investment gain (or loss), and the amount of
			 cumulative net investment gain above which you will receive performance
			 compensation. You must include the name of the custodian(s) on the fee
			 invoice.
(c)
You
			 must notify the director that you will comply with these requirements.
You must notify the director on Form ADV that you will comply with the
			 requirements set forth in this section.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-107 - Additional custody requirements for an investment adviser that manages a pooled investment vehicle or trust

Current through Register Vol. 24-14, July 15, 2024
(1) If
			 you are an investment adviser registered or required to be registered under
			 RCW
			  21.20.040 that has custody as defined in WAC
			 460-24A-005(6)(a)(iii),
			 you must, in addition to complying with the requirements set forth in WAC
			 460-24A-105,
			 either:
(a)
Engage an independent party
			 to authorize withdrawals from the pooled account.
(i) You must enter into a written agreement
			 with an independent party to review all fees, expenses, and capital withdrawals
			 from the pooled accounts;
(ii) You
			 must send all invoices or receipts to the independent party, detailing the
			 amount of the fee, expenses, or capital withdrawal and the method of
			 calculation such that the independent party can:
(A) Determine that the payment is in
			 accordance with the pooled investment vehicle standards (generally the
			 partnership agreement or membership agreement); and
(B) Forward, to the qualified custodian,
			 approval for payment of the invoice with a copy to the investment adviser;
			 and
(iii) You must
			 notify the director on Form ADV that you will comply with the safekeeping
			 requirements in (a) of this subsection; or
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-108 - Additional custody requirements for an investment adviser that acts as trustee and investment adviser to a trust

Current through Register Vol. 24-14, July 15, 2024
If you are an investment adviser registered or required to be
				registered under
				RCW
				 21.20.040 that acts as an investment adviser
				to a trust and the trust has retained you or one of your representatives,
				employees, directors, or owners as trustee, you must comply with the following
				requirements:
(1)
You must send
			 invoices to the qualified custodian and a person connected to the trust at the
			 same time.
You must send to the grantor of the trust, the attorney for
			 the trust if it is a testamentary trust, the co-trustee (other than you or one
			 of your representatives, employees, directors, or owners); or a defined
			 beneficiary of the trust, at the same time that you send any invoice to the
			 qualified custodian, an invoice showing the amount of the trustees' fee or
			 investment management or advisory fee, the value of the assets on which the
			 fees were based, and the specific manner in which the fees were
			 calculated.
(2)
You must have
			 an agreement with a qualified custodian that contains certain terms.
You
			 must enter into a written agreement with a qualified custodian that complies
			 with the following requirements:
(a)
The
			 agreement must restrict payments to you or persons related to you.
The
			 agreement must specify that the qualified custodian will neither deliver trust
			 securities nor transmit any funds to you or one of your representatives,
			 employees, directors, or owners, except that the qualified custodian may pay
			 trustees' fees to the trustee and investment management or advisory fees to
			 you, provided that:
(i) The grantor of the
			 trust or attorneys for the trust, if it is a testamentary trust, the co-trustee
			 (other than you or one of your representatives, employees, directors, or
			 owners), or a defined beneficiary of the trust has authorized the qualified
			 custodian in writing to pay those fees;
(ii) The statements for those fees show the
			 amount of the fees for the trustee and, in the case of statements for
			 investment management or advisory fees, show the value of the trust assets on
			 which the fee is based and the manner in which the fee was calculated; and
(iii) The qualified custodian
			 agrees to send to the grantor of the trust, the attorneys for a testamentary
			 trust, the co-trustee (other than you or one of your representatives,
			 employees, directors, or owners); or a defined beneficiary of the trust, at
			 least quarterly, a statement of all disbursements from the account of the
			 trust, including the amount of investment management fees paid to you and the
			 amount of trustees' fees paid to the trustee.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-109 - Exceptions from custody requirements

Current through Register Vol. 24-14, July 15, 2024
Exceptions from the custody requirements for investment
				advisers that are registered or required to be registered under
				RCW
				 21.20.040 are available in the following
				circumstances:
(1)
(a)
You are not required to engage a
			 qualified custodian to hold certain privately offered securities.
You
			 are not required to comply with WAC
			 460-24A-105(2)
			 with respect to securities that are:
(i)
			 Acquired from the issuer in a transaction or chain of transactions not
			 involving any public offering;
(ii)
			 Uncertificated, and ownership thereof is recorded only on books of the issuer
			 or its transfer agent in the name of the client; and
(iii) Transferable only with prior consent of
			 the issuer or holders of the outstanding securities of the issuer.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-110 - Agency cross transactions

Current through Register Vol. 24-14, July 15, 2024
(1) For
			 purposes of this rule, "agency cross transaction for an advisory client" means
			 a transaction in which a person acts as an investment adviser in relation to a
			 transaction in which the investment adviser, or any person controlling,
			 controlled by, or under common control with such investment adviser, including
			 an investment adviser representative, acts as a broker-dealer for both the
			 advisory client and another person on the other side of the transaction. When
			 acting in such capacity such person is required to be registered as a
			 broker-dealer in this state unless excluded from the definition.
(2) If you are an investment adviser or
			 investment adviser representative, it is unlawful for you to effect an agency
			 cross transaction for an advisory client under
			 RCW
			  21.20.020(2) unless you
			 satisfy these conditions:
(a) You obtain the
			 written consent of the advisory client prospectively authorizing you to effect
			 agency cross transactions for such client;
(b) Before obtaining such written consent
			 from the client, you make full written disclosure to the client that, with
			 respect to agency cross transactions, you will act as broker-dealer for,
			 receive commissions from and have a potentially conflicting division of
			 loyalties and responsibilities regarding both parties to the
			 transactions;
(c) At or before the
			 completion of each agency cross transaction, you or any other person relying on
			 this rule sends the client a written confirmation. You must include the
			 following in the written confirmation:
(i) A
			 statement of the nature of the transaction;
(ii) The date the transaction took
			 place;
(iii) An offer to furnish,
			 upon request, the time when the transaction took place; and
(iv) The source and amount of any other
			 remuneration the investment adviser received or will receive in connection with
			 the transaction. In the case of a purchase, if the investment adviser was not
			 participating in a distribution, or, in the case of a sale, if the investment
			 adviser was not participating in a tender offer, the written confirmation may
			 state whether the investment adviser has been receiving or will receive any
			 other remuneration and that the investment adviser will furnish the source and
			 amount of such remuneration to the client upon the client's written
			 request;
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-120 - Compliance procedures and practices

Current through Register Vol. 24-14, July 15, 2024
If you are an investment adviser registered or required to be
				registered under
				RCW
				 21.20.040, and have more than one employee,
				it is unlawful under
				RCW
				 21.20.020 for you to provide investment
				advice to clients unless you:
(1)
Policies and procedures.
Establish, maintain, and enforce written
			 policies and procedures reasonably designed to prevent violation, by you and
			 your supervised persons, of the Securities Act of Washington, chapter 21.20
			 RCW, and the rules adopted thereunder, and the federal securities
			 laws;
(2)
Annual review of
			 policies and procedures.
Review, no less frequently than annually, the
			 adequacy of the policies and procedures established pursuant to this section
			 and the effectiveness of their implementation;
(3)
Chief compliance officer.
Designate an individual responsible for administering the policies and
			 procedures that you adopt under subsection (1) of this section and under WAC
			 460-24A-122,
			 460-24A-125,
			 460-24A-126,
			 460-24A-200(1)(t),
			 (aa), and (bb); and
(4) You must tailor the policies and
			 procedures required by this section to the facts and circumstances of your
			 business model, taking into account the size of your firm, the type(s) of
			 services you provide, and the number of locations that you have.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-122 - Material nonpublic information policies and procedures

Current through Register Vol. 24-14, July 15, 2024
If you are an investment adviser registered or required to be
				registered under
				RCW
				 21.20.040, it is unlawful under
				RCW
				 21.20.020 for you to provide investment
				advice to clients unless you comply with the following requirements:
(1) You must establish, maintain, and enforce
			 written policies and procedures reasonably designed to prevent the misuse of
			 material, nonpublic information by you or any person associated with
			 you;
(2) You must review, no less
			 frequently than annually, the adequacy of the policies and procedures
			 established pursuant to this section and the effectiveness of its
			 implementation; and
(3) You must
			 tailor the policies and procedures required by this section to the facts and
			 circumstances of your business model, taking into account the size of your
			 firm, the type(s) of services you provide, and the number of locations that you
			 have.
Washington Administrative Code › Title 460 - Financial Institutions, Department of (Securities Division) › Chapter 460-24A - Investment advisers › Section 460-24A-125 - Proxy voting

Current through Register Vol. 24-14, July 15, 2024
If you are an investment adviser registered or required to be
				registered under
				RCW
				 21.20.040, it is unlawful under
				RCW
				 21.20.020 for you to have or to exercise
				voting authority with respect to client securities, unless you:
(1) Establish, maintain, and enforce written
			 policies and procedures that are reasonably designed to ensure that you vote
			 client securities in the best interest of clients, which procedures must
			 include how you address material conflicts that may arise between your
			 interests and those of your clients;
(2) Disclose to clients how they may obtain
			 information from you about how you voted with respect to their securities;
			 and
(3) Describe to clients your
			 proxy voting policies and procedures and, upon request, furnish a copy of the
			 policies and procedures to the requesting client.