21.20.060 - Contents of application for registration -- Capital requirements. - Washington Statutes

Contents of application for registration — Capital requirements.

The application shall contain whatever information the director requires concerning such matters as:

     (1) The applicant's form and place of organization;

     (2) The applicant's proposed method of doing business;

     (3) The qualifications and business history of the applicant and in the case of a broker-dealer or investment adviser; any partner, officer, or director, or any person occupying a similar status or performing similar functions; or any person directly or indirectly controlling the broker-dealer or investment adviser;

     (4) Any injunction or administrative order or conviction of a misdemeanor involving a security or any aspect of the securities business and any conviction of a felony;

     (5) The applicant's financial condition and history;

     (6) The address of the principal place of business of the applicant and the addresses of all branch offices of the applicant in this state; and

     (7) Any information to be furnished or disseminated to any client or prospective client, if the applicant is an investment adviser.

     The director may by rule or otherwise require a minimum capital for registered broker-dealers, not to exceed the limitations provided in section 15 of the Securities Exchange Act of 1934, and establish minimum financial requirements for investment advisers, not to exceed the limitations provided in section 222 of the Investment Advisers Act of 1940, which may include different requirements for investment advisers who maintain custody of clients' funds or securities or who have discretionary authority over those funds or securities, and may allow registrants to maintain a surety bond of appropriate amount as an alternative method of compliance with minimum capital or financial requirements.

[1998 c 15 § 5; 1995 c 46 § 1; 1994 c 256 § 7; 1965 c 17 § 1; 1959 c 282 § 6.]

Notes: Findings -- Construction -- 1994 c 256: See RCW 43.320.007.