NASAA: Washington State Proposes Amendments to Rules for Investment Advisers

The Washington Securities Division is proposing to update various provisions of the investment adviser rules, including the rules regarding financial reporting requirements, custody, books and records, and unethical practices.

The proposed amendments would add new rule sections addressing the following: (i) proxy voting, (ii) advisory contracts, and (iii) compliance procedures and practices. The proposed amendments would also create exemptions from registration for certain private fund advisers and venture capital fund advisers. According to the related memo, many of these changes would make Washington's rules consistent with current federal law and NASAA model rules.

See: Proposed Rulemaking (Form CR-102) and Text of Proposed Amendments.
See also: Memo to Interested Parties - Investment Adviser Rulemaking CR-102.