Division of Securities
The primary mission of the Division of Securities, which was established in the early 1930s, is to protect the investing public and promote confidence in the capital markets. More...
News For Industry
Investment Adviser Rulemaking Update
The Securities Division is soliciting comments on proposed amendments to the investment adviser rules set forth in Chapter 460-24A WAC. The proposed amendments would update various provisions of the investment adviser rules, including the rules regarding financial reporting requirements, custody, books and records, and unethical practices
Rulemaking Documents and Information
Washington Securities Division Announces New Electronic Franchise Filing System
The Securities Division is pleased to announce the availability of its new online electronic franchise filing system. This system allows franchise applicants to file new franchise applications, franchise renewals, franchise amendments, and franchise reapplications via the internet, eliminating the need to make paper submissions to the Division. The implementation of the Franchise E-File System continues the Division’s goal of applying LEAN principles to our processes, thereby reducing waste and increasing productivity.
The Franchise E-file System is now open to all franchise applicants, and can be accessed from the Securities Division website under "Franchises."
Investment Adviser Fiscal Year End Reporting - Due March 31, 2013
The final stage of the annual renewal process is your fiscal year end filings that must be completed within 90 days after your fiscal year end. If your fiscal year end is December 31, your filing requirements will be due March 31, 2013.
Annual Filing Reminder Letter to Investment Advisers (PDF)*
Fiscal Year End Report Form (PDF)*
Investment Adviser Renewal Presentation
Investment Adviser renewal season is here. View the presentation linked below for more information on the renewal process and important deadlines.
2013 Investment Adviser Renewal Presentation (PDF)*
Investment Adviser Renewal Notice for 2013
On October 22, 2012, the Division of Securities issued a notice to investment advisers regarding their renewal for 2013. The annual renewal fees for investment advisers and their representatives must be paid to the Investment Adviser Registration Depository ("IARD") by December 13, 2012.
Investment Adviser Renewal Notice (PDF)*
NASAA Announces IARD Fee System Waiver for Investment Adviser Firms
The North American Securities Administrators Association announced the waiver of the Investment Adviser Registration Depository (IARD) system fees for investment adviser firms and the reinstatement of substantially reduced initial set-up and annual system fees paid by investment adviser representatives.
Announcement from NASAA
Notice of Repeal of Interpretive Statements under the Securities Act of Washington and the Franchise Investment Protection Act
In light of the Securities Division’s recent adoption of amendments to the "accredited investor" definition contained in its rules, the Department of Financial Institutions hereby repeals the following interpretive statements
Interpretive Statement No. 23 under the Securities Act of Washington
See: Notice of Repeal (PDF)*
Interpretive Statement No. 7 under the Franchise Investment Protection Act
See: Notice of Repeal (PDF)*
If you have any questions, please contact Michelle Webster by e-mail at email@example.com or by telephone at (360) 902-8736.
- Interpretive Statement No. 23 under the Securities Act of Washington
Washington Adopts Amendments to Conform "Accredited Investor" to Federal Law
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) was signed into law. As mandated by the Act, the Securities and Exchange Commission (“SEC”) amended its net worth standards used to determine whether an individual is an accredited investor. Accredited investor status is used to determine the availability of certain exemptions to securities registration under the Securities Act of 1933. The amendments, as adopted by the SEC, exclude the value of a person’s primary residence and clarify the treatment of any indebtedness secured by the residence in calculating net worth.
The Securities Division has adopted corresponding amendments to its definition of “accredited investor” to conform to current federal standards. In particular, the rules affected are WAC 460-44A-501 and WAC 460-80-108.
Rulemaking Documents and Information
NASAA Issues Small Business Advisory on Crowdfunding
The North American Securities Administrators Association (NASAA) has issued an advisory to spotlight concerns for small businesses and entrepreneurs seeking to raise investment capital through crowdfunding.
NASAA Crowdfunding Advisory
- Notice of Exemption - WAC 460-44A-504 and SEC Rule 147 Form Revised
The Notice of Exemption - WAC 460-44A-504 and SEC Rule 147 form has been revised.
Notice of Exemption - WAC 460-44A-504 and SEC Rule 147 (PDF)*
- Alert To Those Who Are Considering Selling Life Settlement Investments
The Securities Division has received a number of inquiries about whether persons who are not licensed as securities salespersons or broker-dealers may sell investments in life settlements to their customers. This alert explains how investments in life settlements may be securities and discusses the possible consequences of selling such investments.
Alert: Considering Selling Life Settlement Investments?
News For Investors
NASAA Sees Sharp Spike in Crowdfunding Prescence on the Internet
Crowdfunding’s presence on the Internet has risen sharply in recent months in anticipation of rules to allow small businesses and entrepreneurs to raise investments online, according to a task force of state and provincial securities regulators. Learn more about Crowdfunding
The Washington State Department of Financial Institutions has been receiving calls and complaints from customers of Rhonda Breard who have learned their broker dealer or insurance company has no record of brokerage accounts or annuities they thought they had purchased through Rhonda Breard and Breard & Associates. Rhonda Breard Updates & Information for Investors.
Wells Fargo Auction Rate Securities
Auctions for most auction rate securities (ARS) held by brokerage firm customers nationwide failed in February 2008. As a result of this failure, DFI’s Securities Division opened investigations into sales of ARS in the State of Washington by a number of broker-dealers, including the Wells Fargo broker-dealers. DFI’s Securities Division also joined a nationwide task force of state securities regulators to address sales practices relating to ARS and to help investors get access to their frozen funds. Learn More.
DFI Obtains Temporary Restraining Order Against Hoss Mortgage Investors, Inc.
On September 15, 2009, the Washington State Department of Financial Institutions obtained a temporary restraining order against Hoss Mortgage Investors, Inc., Todd Allan Hoss and others, prohibiting them from distributing or otherwise disposing of assets belonging to Hoss Mortgage Investors, Inc. until a receiver can be appointed to take control of and disburse the assets. Learn More.
DFI Cautions Investors: Make Sure Your Decisions Amid The Current Wall Street Crisis Are Informed And Researched
DFI’s Securities Division is urging Washington State investors to make informed decisions about their long-term financial holdings and to seek the advice of a trusted investment adviser or financial planner before making any sudden moves with their money, particularly during the ongoing market volatility and unprecedented turmoil on Wall Street. Learn more.
- Forex: Risky Business?
Recently, there has been a rise in Forex transactions. Forex trading can involve a high degree of risk and may be more suitable for market professionals rather than the average retail investor. Learn more.
- Federal Savings, LLC
The most recent information on Federal Savings, LLC. Learn more.
- What You Should Know Before Investing in Mortgage Paper Securities
Answers to frequently asked questions about investing in mortgage paper securities. Learn more.
- Business Opportunities
- Commodity Broker Dealers
- Franchise Registration & Exemption
- Investment Advisers
- FINRA Examinations
- Registration & Licensing
- Securities Broker Dealers
- Small Business Assistance
- Securities Division Interested Persons List
Securities Orders, Licensee Database, Filings
- View and Search Securities Orders: Enforcement orders taken by the Division of Securities.
- Search the Licensee Database: Find information about filings made with the Division.
- Search the National Association of Securities Dealers: Find information about your stockbroker (broker/dealer salesperson).
- Search the SEC Database: Find information about your investment adviser firm.
Laws and Rules
Department of Financial Institutions
PO Box 9033
Olympia, WA 98507-9033
Main Telephone Line: (360) 902-8760
Toll Free: (877) RING DFI (746-4334)
Fax: (360) 902-0524
TDD: (360) 664-8126
Please also see our staff directory.
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