Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-536 - Administration of trust companies - Investments, etc › Section 208-536-080 - Collective investment funds - Financial reports

Current through Register Vol. 24-14, July 15, 2024
(1) A trust company administering a
					collective investment fund shall at least once during each period of 12 months
					prepare a financial report of the fund which shall be filed with the director
					of the department of financial institutions within 90 days after the end of the
					fund's fiscal year. This report, based upon the above audit, shall contain a
					list of investments in the fund showing the cost and current market value of
					each investment; a statement for the period since the previous report showing
					purchases, with cost; sales, with profit or loss and any other investment
					changes; income and disbursements; and an appropriate notation as to any
					investments in default.
(2) The
					financial report may include a description of the fund's value on previous
					dates, as well as its income and disbursements during previous accounting
					periods. No predictions or representations as to future results may be made. In
					addition, as to funds described in WAC
					208-536-040, neither the report
					nor any other publication of the trust company shall make reference to the
					performance of funds other than those administered by the trust
					company.
(3) A copy of the
					financial report shall be furnished, or notice shall be given that a copy of
					such report is available and will be furnished without charge upon request, to
					each person to whom a regular periodic accounting would ordinarily be rendered
					with respect to each participating account. A copy of such financial report may
					be furnished to prospective customers. The cost of printing and distribution of
					these reports will be borne by the trust company. In addition, a copy of the
					report shall be furnished upon request to any person for a reasonable charge.
					The fact of the availability of the report for any fund described in WAC
					208-536-040 may be given
					publicity solely in connection with the promotion of the fiduciary services of
					the trust company.
(4) Except as
					herein provided, the trust company shall not advertise or publicize its
					collective investment fund(s); provided, however, that publication in a
					newspaper, periodical, or other medium of the net asset value of collective
					investment fund(s) for which a daily net asset value is available, shall not be
					considered an advertisement or publication prohibited by this section.
					Restraint is required in fiduciary advertisements to preclude the violation of
					securities laws including the Mutual Fund Reform Act.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-536-080, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   43.320.010, 43.329.040 and 30.04.030.
							99-01-119, § 50-36-080, filed 12/18/98, effective 1/18/99; Order 22,
							§ 50-36-080, filed 8/14/73.