Title 21 — Title 21 SECURITIES AND INVESTMENTS
4 chapters · 144 sections in this title.
RCW 21.30.005 Intent.
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The legislature intends that this chapter, and any rules, regulations, or orders promulgated pursuant hereto, apply to transactions in commodities which constitute commodity contracts or commodity options as defined in this chapter, unless the context clearly requires otherwise.[…
RCW 21.30.010 Definitions.
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.(1) "Administrator" means the person designated by the director in accordance with the provisions of RCW 21.30.390.(2) "Board of trade" means any person or group of person…
RCW 21.30.020 Transactions involving commodity contract or option—Prohibition—Exceptions.
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Except as otherwise provided in RCW 21.30.030 and 21.30.040, no person may sell or purchase or offer to sell or purchase any commodity under any commodity contract or under any commodity option or offer to enter into or enter into as seller or purchaser any commodity contract or …
RCW 21.30.030 Transactions conducted by certain persons exempt from prohibition under RCW 21.30.020.
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The prohibition in RCW 21.30.020 does not apply to any transaction offered by and in which any of the following persons (or any employee, officer, or director thereof acting solely in that capacity) is the purchaser or seller:(1) A person registered with the commodity futures tra…
RCW 21.30.040 Transactions and contracts exempt from prohibition under RCW 21.30.020—Rules.
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(1) The prohibition in RCW 21.30.020 does not apply to the following:(a) An account, agreement, or transaction within the exclusive jurisdiction of the commodity futures trading commission as granted under the commodity exchange act;(b) A commodity contract for the purchase of on…
RCW 21.30.050 Commodity merchants—Place for trading commodity contract or option—Requirements.
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(1) No person may engage in a trade or business or otherwise act as a commodity merchant unless the person (a) is registered or temporarily licensed with the commodity futures trading commission for each activity constituting the person as a commodity merchant and the registratio…
RCW 21.30.060 Prohibited practices.
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No person may directly or indirectly, in or in connection with the purchase or sale of, the offer to sell, the offer to enter into, or the entry into of, any commodity contract or commodity option subject to RCW 21.30.020, 21.30.030, 21.30.040(1)(b), or 21.30.040(1)(d):(1) Cheat …
RCW 21.30.070 Responsibility for acts or omissions—Liability—Burden of proof.
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(1) The act, omission, or failure of any official, agent, or other person acting for any individual, association, partnership, corporation, or trust within the scope of the person's employment or office shall be deemed the act, omission, or failure of such individual, association…
RCW 21.30.080 Offers to sell or buy in this state—Application of RCW 21.30.020, 21.30.050, and 21.30.060.
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(1) RCW 21.30.020, 21.30.050, and 21.30.060 apply to persons who sell or offer to sell when an offer to sell is made in this state or an offer to buy is made and accepted in this state.(2) RCW 21.30.020, 21.30.050, and 21.30.060 apply to persons who buy or offer to buy when an of…
RCW 21.30.090 When publications or electronic communications not deemed offers to sell or buy in this state.
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(1) For the purpose of RCW 21.30.080, an offer to sell or to buy is not made in this state when the publisher circulates or there is circulated on his or her behalf in this state in any bona fide newspaper or other publication of general, regular, and paid circulation, which is n…
RCW 21.30.100 Investigations—Statements—Publication of information.
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The director in the director's discretion:(1) May make such public or private investigations, within or without the state, as the director finds necessary or appropriate to determine whether any person has violated, or is about to violate, any provision of this chapter or any rul…
RCW 21.30.107 Subpoena authority—Application—Contents—Notice—Fees.
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(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…
RCW 21.30.110 Investigations—Evidence—Subpoenas—Court orders of compliance.
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(1) For purposes of any investigation or proceeding under this chapter, the director or any officer or employee designated by the director, may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of any books, …
RCW 21.30.120 Violations—Director's authority—Court actions—Penalties.
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(1) If the director believes, whether or not based upon an investigation conducted under RCW 21.30.100 or 21.30.110, that a person has engaged or is about to engage in an act or practice constituting a violation of this chapter or any rule or order hereunder, the director may:(a)…
RCW 21.30.130 Violations—Court-ordered remedies—Penalties—Bond by director not required.
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(1)(a) Upon a proper showing by the director that a person has violated, or is about to violate, this chapter or any rule or order of the department, the superior court may grant appropriate legal or equitable remedies.(b) Upon showing of violation of this chapter or a rule or or…
RCW 21.30.140 Willful violations—Penalty—Limitation on actions.
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A person who willfully violates this chapter, or who willfully violates a rule or order under this chapter, is guilty of a class B felony and shall upon conviction be fined not more than twenty thousand dollars or imprisoned not more than ten years, or both. However, no person ma…
RCW 21.30.150 No liability under chapter for act in good faith.
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No provision of this chapter imposing any liability applies to any act done or omitted in good faith in conformity with a rule, order, or form adopted by the director, notwithstanding that the rule, order, or form may later be amended, or rescinded, or be determined by judicial o…
RCW 21.30.160 Unlawful use or disclosure of information.
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Neither the director nor any employee of the director shall use any information which is filed with or obtained by the department which is not public information for personal gain or benefit, nor shall the director nor any employee of the director conduct any securities or commod…
RCW 21.30.170 Information—Availability to public—Exceptions.
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(1) All information collected, assembled, or maintained by the director under this chapter is public information and is available for the examination of the public as provided by chapter 42.56 RCW except the following:(a) Information obtained in private investigations pursuant to…
RCW 21.30.180 Cooperation with other agencies or organizations.
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(1) To encourage uniform application and interpretation of this chapter and securities and commodities regulation and enforcement in general, the director and the employees of the director may cooperate, including bearing the expense of the cooperation, with the securities agenci…
RCW 21.30.190 Consent for service of process—Service, how made.
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(1) Every applicant for registration under this chapter or person filing a claim of exemption under RCW 21.30.030(7) shall file with the administrator in such form as the administrator by rule prescribes, an irrevocable consent appointing the administrator or successor in office …
RCW 21.30.200 Administrative proceedings—Summary order—Notice—Hearing—Final order.
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(1) The director shall commence an administrative proceeding under this chapter by entering either a statement of charges or a summary order. The statement of charges or summary order may be entered without notice, without opportunity for hearing, and need not be supported by fin…
RCW 21.30.210 Application of chapter 34.05 RCW, the administrative procedure act.
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Chapter 34.05 RCW applies to an administrative proceeding carried out by the director under this chapter unless otherwise provided in this chapter.[ 1986 c 14 s 22.]
RCW 21.30.220 Pleading exemptions or exceptions—Burden of proof.
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It shall not be necessary to negate any of the exemptions, or exceptions from a definition, of this chapter in any complaint, information, or indictment, or any writ or proceeding brought under this chapter; and the burden of proof of any such exemption or exception from a defini…
RCW 21.30.230 Application for licensing.
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An applicant for licensing as a commodity broker-dealer or commodity sales representative shall file with the administrator or the designee of the administrator an application for licensing together with a consent to service of process pursuant to RCW 21.30.190. The application f…
RCW 21.30.240 Fees.
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(1) An applicant for licensing shall pay a registration fee as follows:(a) For a commodity broker-dealer, two hundred dollars; and for each branch office, one hundred dollars; and(b) For a commodity sales representative, fifty dollars.(2) Except in any year in which a licensing f…
RCW 21.30.250 Examinations—Waiver.
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(1) The administrator may, by rule or order, impose an examination requirement upon:(a) An applicant applying for licensing under this chapter; and(b) Any class of applicants.(2) Any examination required may be administered by the administrator or a designee of the administrator.…
RCW 21.30.260 Expiration of licenses—Authority under commodity sales representative license—Notification of changes.
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(1) The license of a commodity broker-dealer or commodity sales representative expires on December 31 of the year for which issued or at such other time as the administrator may by rule prescribe.(2) The license of a commodity sales representative is only effective with respect t…
RCW 21.30.270 Multiple licenses, when permitted.
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No person may at any one time act as a commodity sales representative for more than one commodity broker-dealer or one issuer, except (1) where the commodity broker-dealers for whom the commodity sales representative will act are affiliated by direct or indirect common control, a…
RCW 21.30.280 Classification of licenses—Limitations and conditions of licenses.
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If the administrator determines, by rule, that one or more classifications of licenses as a commodity broker-dealer or commodity sales representative which are subject to limitations and conditions on the nature of the activities which may be conducted by those persons are consis…
RCW 21.30.290 Annual report and fee.
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For so long as a commodity broker-dealer or commodity sales representative is licensed under this chapter, it shall file an annual report, together with the annual fee specified in RCW 21.30.240(2), with the administrator or the administrator's designee at a time and including th…
RCW 21.30.300 Minimum net capital and fidelity bond requirements.
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(1)(a) The administrator may, by rule, require a licensed commodity broker-dealer to maintain: (i) Minimum net capital; and (ii) a prescribed ratio between net capital and aggregate indebtedness. The minimum net capital and net capital-to-aggregate indebtedness ratio may vary wit…
RCW 21.30.310 Financial and other reports.
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A licensed commodity broker-dealer shall file financial and other reports that the administrator determines, by rule, are necessary or appropriate.[ 1986 c 14 s 32.]
RCW 21.30.320 Records.
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(1) A licensed commodity broker-dealer or commodity sales representative shall make and maintain records that the administrator determines, by rule, are necessary or appropriate.(2) Required records may be maintained in computer or microform format or any other form of data stora…
RCW 21.30.330 Correcting amendments of information in application or financial and other reports—Exception.
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If the information contained in any document filed with the administrator or the administrator's designee pursuant to RCW 21.30.230 or 21.30.310, except for those documents which the administrator, by rule or order, may exclude from this requirement, is or becomes inaccurate or i…
RCW 21.30.340 Examination of records—Copies—Fees.
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(1) The administrator, without prior notice, may examine the records and require copies of the records which a licensed commodity broker-dealer or commodity sales representative is required to make and maintain under RCW 21.30.320, within or without this state, in a manner reason…
RCW 21.30.350 Denial, suspension, revocation, or limitation of license—Grounds.
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(1) The administrator may, by order, deny, suspend, or revoke any license or an exemption granted under RCW 21.30.030(7), limit the activities which an applicant or licensed person may perform in this state, conserve any applicant or licensed person, or bar any applicant or licen…
RCW 21.30.360 Violations—Prosecuting attorney may bring criminal proceedings.
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The director may refer such evidence as may be available concerning violations of this chapter or of any rule or order under this chapter to the proper prosecuting attorney, who may in his or her discretion, with or without such a reference, institute the appropriate criminal pro…
RCW 21.30.370 Penalties in chapter nonexclusive.
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Nothing in this chapter limits the power of the state to punish a person for conduct which constitutes a crime by statute or at common law.[ 1986 c 14 s 38.]
RCW 21.30.380 Administration of chapter under director of financial institutions.
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The administration of this chapter shall be under the director of the department of financial institutions.[ 1994 c 92 s 6; 1986 c 14 s 39.]
RCW 21.30.390 Administrator—Appointment—Delegation of duties—Term.
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The director shall appoint a competent person to administer this chapter, who shall be designated the administrator. The director shall delegate to the administrator such powers, subject to the authority of the director, as may be necessary to carry out this chapter. The administ…
RCW 21.30.400 Director's powers and duties—Rules, forms, and orders—Fees.
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In addition to specific authority granted elsewhere in this chapter, the director may make, amend, and rescind rules, forms, and orders as are necessary to carry out this chapter. Such rules or forms shall include but need not be limited to rules defining any terms, whether or no…
RCW 21.30.800 Securities laws not affected.
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Nothing in this chapter shall impair, derogate from, or otherwise affect the authority or powers of the administrator under the securities act of Washington, chapter 21.20 RCW, or the application of any provision thereof to any person or transaction subject thereto.[ 1986 c 14 s …
RCW 21.30.810 Construction and purpose.
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This chapter may be construed and implemented to effectuate its general purpose to protect investors, to prevent and prosecute illegal and fraudulent schemes involving commodities and to maximize coordination with federal and other states' law and the administration and enforceme…
RCW 21.30.901 Effective date—1986 c 14.
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This act shall take effect on October 1, 1986.[ 1986 c 14 s 46.]