WAC 460-21C-030: Communications with the public

Link to law: http://apps.leg.wa.gov/wac/default.aspx?cite=460-21C-030
Published: 2015

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WACs > Title 460 > Chapter 460-21C > Section 460-21C-030











460-21C-020    

460-21C-040







No agency filings affecting this section since 2003







WAC 460-21C-030









Communications with the public.









(1)(a) All of the broker-dealer's confirmations and account statements must indicate clearly that the broker-dealer services are provided by the broker-dealer.
(b) Advertisements and sales literature that announce the location of a financial institution where broker-dealer services are provided by the broker-dealer, or that are distributed by the broker-dealer on the premises of a financial institution, must disclose that securities products: Are not insured by the FDIC or NCUA; are not deposits or other obligations of the financial institution and are not guaranteed by the financial institution; and are subject to investment risks, including possible loss of the principal invested. The shorter, logo format described in subsection (2)(a) of this section may be used to provide these disclosures.
(c) Recommendations by a broker-dealer concerning nondeposit investment products with a name similar to that of a financial institution must only occur pursuant to policies and procedures reasonably designed to minimize risk of customer confusion.
(2)(a) The following shorter, logo format disclosures may be used by a broker-dealer in advertisements and sales literature, including material published, or designed for use, in radio or television broadcasts, automated teller machine ("ATM") screens, billboards, signs, posters and brochures, to comply with the requirements of subsection (1)(b) of this section, provided that such disclosures are displayed in a conspicuous manner:
(i) Not FDIC insured;
(ii) Not NCUA insured;
(iii) No bank guarantee;
(iv) May lose value.
(b) As long as the omission of the disclosures required by subsection (1)(b) of this section would not cause the advertisement or sales literature to be misleading in light of the context in which the material is presented, such disclosures are not required with respect to messages contained in:
(i) Radio broadcasts of thirty seconds or less;
(ii) Electronic signs, including billboard-type signs that are electronic, time, and temperature signs and ticker tape signs, but excluding messages contained in such media as television, online computer services, or ATMs; and
(iii) Signs, such as banners and posters, when used only as location indicators.
[Statutory Authority: RCW 21.20.100, 21.20.450. WSR 00-05-055, § 460-21C-030, filed 2/14/00, effective 3/16/00.]