§406.  REGISTRATION BY BROKER-DEALER, AGENT, INVESTMENT ADVISER, AND INVESTMENT ADVISER REPRESENTATIVE.

(a) [Application for initial registration.]  A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with Section 611, and paying the fee specified in Section 410 and any reasonable fees charged by the designee of the administrator for processing the filing.  The application must contain:

(1) the information or record required for the filing of a uniform application; and

            (2) upon request by the administrator, any other financial or other information or record that the administrator determines is appropriate.

RCW 21.20.050  Application for registration -- Filing of documents -- Consent to service of process -- Fee.

(1) A broker-dealer, salesperson, investment adviser, or investment adviser representative may apply for registration by filing with the director or his authorized agent an application together with a consent to service of process in such form as the director shall prescribe and payment of the fee prescribed in RCW 21.20.340.

RCW 21.20.060  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.

§ 26.  REGISTRATION BY BROKER-DEALER, SALES AGENT, INVESTMENT ADVISER, AND INVESTMENT ADVISER REPRESENTATIVE. 

   (1) Application for initial registration.  A person shall register as a broker-dealer, sales agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with section 54 of this act, and paying the fee specified in section 30 of this act and any reasonable fees charged by the designee of the director for processing the filing.  The application must contain:

      (a) The information or record required for the filing of a uniform application; and

 (b) Upon request by the director, any other financial or other information or record that the director determines is appropriate.

USA

(b) [Amendment.]  If the information or record contained in an application filed under subsection (a) is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment.

See RCW 21.20.100(3)

§ 26(2).  Amendment.  If the information or record contained in an application filed under subsection (1) of this section is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment.

USA

(c) [Effectiveness of registration.]  If an order is not in effect and a proceeding is not pending under Section 412, registration becomes effective at noon on the 45th day after a completed application is filed, unless the registration is denied.  A rule adopted or order issued under this [Act] may set an earlier effective date or may defer the effective date until noon on the 45th day after the filing of any amendment completing the application.

RCW 21.20.070  When registration effective -- Requirements determined by rule.

If the application meets the requirements for registration, as the director may by rule or otherwise determine, and no denial order is in effect and no proceeding is pending under RCW 21.20.110, the director shall make the registration effective.

§ 26(3).  Effectiveness of registration.  If an order is not in effect, a proceeding is not pending under section 32 of this act, and the applicant has not requested that effectiveness be delayed, registration becomes effective at noon on the forty-fifth day after a completed application is filed, unless the registration is denied.  A rule adopted or order issued under this chapter may set an earlier effective date or may defer the effective date until noon on the forty-fifth day after the filing of any amendment completing the application.

USA with additional language to allow an applicant to request a delay in effectiveness, similar to securities registrations and current practice.

(d) [Registration renewal.] A registration is effective until midnight on December 31 of the year for which the application for registration is filed.  Unless an order is in effect under Section 412, a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this [Act], by paying the fee specified in Section 410, and by paying costs charged by the designee of the administrator for processing the filings.

RCW 21.20.080  Duration of registration -- Association with issuer, broker-dealer, federal covered adviser, or investment adviser -- Notice to director -- Extension of licensing period.

Registration of a broker-dealer, salesperson, investment adviser representative, or investment adviser shall be effective for a one-year period unless the director by rule or order provides otherwise. The director by rule or order may schedule registration or renewal so that all registrations and renewals expire December 31st. The director may adjust the fee for registration or renewal proportionately. The registration of a salesperson or investment adviser representative is not effective during any period when the salesperson is not employed by or associated with an issuer or a registered broker-dealer or when the investment adviser representative is not employed by or associated with an investment adviser registered under this chapter or a federal covered adviser who has made a notice filing pursuant to RCW 21.20.050. To be employed by or associated with an issuer, broker-dealer, federal covered adviser, or investment adviser within the meaning of this section notice, either in writing or in some other format as the director may by rule or otherwise specify, must be given to the director. When a salesperson begins or terminates employment or association with an issuer or registered broker-dealer, the salesperson and the issuer or broker-dealer shall promptly notify the director. When an investment adviser representative registered under this chapter begins or terminates employment or association with an investment adviser registered under this chapter or a federal covered adviser required to make a notice filing pursuant to RCW 21.20.050, the investment adviser representative and investment adviser or federal covered adviser shall promptly notify the director.

Notwithstanding any provision of law to the contrary, the director may, from time to time, extend the duration of a licensing period for the purpose of staggering renewal periods. Such extension of a licensing period shall be by rule adopted in accordance with the provisions of chapter 34.05 RCW. Such rules may provide a method for imposing and collecting such additional proportional fee as may be required for the extended period.

RCW 21.20.090  Renewal of registration -- Financial reports -- Application for a successor.

Registration of a broker-dealer, salesperson, investment adviser representative, or investment adviser may be renewed by filing with the director or his or her authorized agent prior to the expiration thereof an application containing such information as the director may require to indicate any material change in the information contained in the original application or any renewal application for registration as a broker-dealer, salesperson, investment adviser representative, or investment adviser filed with the director or his or her authorized agent by the applicant, payment of the prescribed fee, and, in the case of a broker-dealer or investment adviser such financial reports as the director may prescribe by rule or otherwise. The reporting requirements so prescribed for a broker-dealer may not exceed the limitations provided in section 15 of the Securities Exchange Act of 1934.

§ 26(4).  Registration renewal.  A registration is effective until midnight on December 31st of the year for which the application for registration is filed unless the director by rule or order provides otherwise.  Unless an order is in effect under section 32 of this act, a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this chapter, by paying the fee specified in section 30 of this act, and by paying costs charged by the designee of the director for processing the filings.

USA with additional language to allow non-12/31 renewal dates to accommodate mortgage broker-dealers and issuer agents, where it is desirable to link the broker-dealer registration period and the registration period for the related securities offering.

(e) [Additional conditions or waivers.] A rule adopted or order issued under this [Act] may impose such other conditions, not inconsistent with the National Securities Markets Improvement Act of 1996.   An order issued under this [Act] may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors.

See last sentence of RCW 21.20.090.

§ 26(5).  Additional conditions or waivers.  A rule adopted or order issued under this chapter may impose other conditions that are not inconsistent with the National Securities Markets Improvement Act of 1996 including, but not limited to, conditions governing the registration of broker-dealers not registered under the Securities Exchange Act of 1934.  An order issued under this chapter may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors.

USA with additional language to address local broker-dealers.

RCW 21.20.037  Variable contracts -- Registration required -- Rules.

As required by chapter 48.18A RCW, a person selling variable contracts shall be registered as a broker-dealer or securities salesperson as required by this chapter. This chapter, and any rules or orders adopted under this chapter, applies to any person engaged in the offer, sale, or purchase of a variable contract. "Variable contract" means the same as set forth under chapter 48.18A RCW.

§ 26(6).  Sellers of variable contracts.  As required by chapter 48.18A RCW, a person selling variable contracts shall be registered as a broker-dealer or sales agent as required by this chapter.  This chapter, and any rules or orders adopted under this chapter, applies to any person engaged in the offer, sale, or purchase of a variable contract.  "Variable contract" means the same as set forth under chapter 48.18A RCW.

RCW 21.20.037 is retained as §26(6).