NASAA Statement of Policy Regarding Real Estate Investment Trusts — CR-103P Rule-Making Order

RULE-MAKING ORDER
PERMANENT RULE ONLY
CODE REVISER USE ONLY
CR-103P (December 2017)
(Implements RCW 34.05.360)
Agency: Department of Financial Institutions, Securities Division Effective date of rule:
Permanent Rules
☐ 31 days after filing.
☒ Other (specify) July 1, 2026 (If less than 31 days after filing, a specific finding under RCW 34.05.380(3) is required and should be stated below) Any other findings required by other provisions of law as precondition to adoption or effectiveness of rule? ☐ Yes ☒ No If Yes, explain:
Purpose: The Department of Financial Institutions hereby amends WAC 460-16A-205(1)(e) to adopt the latest version of the NASAA Statement of Policy Regarding Real Estate Investment Trusts adopted by NASAA on September 7, 2025. The Statement of Policy is used to regulate registered securities offerings of real estate investment trusts in Washington. The 2025 amendments to the Statement of Policy add a concentration limit for investors, update the investor minimum net worth and income requirements, add provisions for the periodic inflation adjustment of the investor minimum net worth and income requirements, and incorporate the SEC’s Regulation Best Interest. Citation of rules affected by this order:
New:
Repealed:
Amended: WAC 460-16A-205
Suspended:
Statutory authority for adoption: RCW 21.20.450 Other authority:
PERMANENT RULE (Including Expedited Rule Making) Adopted under notice filed as WSR 26-04-028 on January 23, 2026 (date). Describe any changes other than editing from proposed to adopted version: None. If a preliminary cost-benefit analysis was prepared under RCW 34.05.328, a final cost-benefit analysis is available by contacting:
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Note: If any category is left blank, it will be calculated as zero.
No descriptive text.
Count by whole WAC sections only, from the WAC number through the history note.
A section may be counted in more than one category.
The number of sections adopted in order to comply with:
Federal statute: New Amended Repealed
Federal rules or standards: New Amended Repealed Recently enacted state statutes: New Amended Repealed The number of sections adopted at the request of a nongovernmental entity:
New Amended Repealed
The number of sections adopted on the agency’s own initiative:
New Amended 1 Repealed
The number of sections adopted in order to clarify, streamline, or reform agency procedures:
New Amended Repealed
The number of sections adopted using:
Negotiated rule making: New Amended 1 Repealed Pilot rule making: New Amended Repealed Other alternative rule making: New Amended Repealed Date Adopted: 3/19/2026 Name: Charlie Clark Title: Director, Department of Financial Institutions Signature: