D.C. Mun. Regs. tit. 26, r. 26-A5606

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-A5606 - WAIVER OF QUALIFIED BUSINESS REQUIREMENTS

5606.1

A certified capital company that applies to make an initial certified investment in a business that does not satisfy all of the requirements to be a qualified business shall file a written request for a waiver of one (1) or more of the requirements.

5606.2

A letter requesting the Commissioner to waive one (1) or more of the requirements for qualification of a qualified business shall contain the following information:

(a) The name of the certified capital company requesting the waiver;

(b) The name of the business for which the certified capital company is requesting the waiver;

(c) The amount of capital that the certified capital company proposes to invest in the business for which the certified capital company is requesting the waiver; and

(d) A statement that demonstrates how the proposed investment by certified capital company in the business for which the certified capital company is requesting the waiver will further economic development in the District.

5606.3

In determining if a waiver will further economic development in the District pursuant to § 5606.2(d), the Commissioner shall consider whether the business intends to use the certified investment to save existing jobs or create new jobs for District residents, expand its operations in the District, create new or additional tax revenue for the District Government, or engage in economic activity that will benefit other businesses located in the District.

5606.4

A certified capital company that obtains a waiver for one (1) or more of the eligibility criteria pursuant to this subsection shall, no later than two hundred and ten (210) days after making the initial investment, establish to the satisfaction of the Commissioner that the business is a qualified business as defined in the Act. For purposes of investments made in installments, the two hundred and ten (210) day period shall commence from the date of the first installment.

5606.5

A certified capital company shall file an affidavit with the Commissioner signed by an executive officer of the qualified business confirming that the business satisfies the requirements of a qualified business as defined in the Act. In support of the affidavit required by this subsection, the certified capital company shall submit sufficient documentary proof. For example, if the business received a waiver of the District's residency requirement, the certified capital company shall obtain a complete list of employees, payroll reports, and at least one (1) current form of proof of residency from each employee claiming to reside in the District, and make those documents available to the Commissioner during the annual review of the certified capital company.

D.C. Mun. Regs. tit. 26, r. 26-A5606

Final Rulemaking published at 51 DCR 7555, 7560 (July 30, 2004); as amended by Notice of Final Rulemaking published at 58 DCR 2229, 2233 (March 11, 2011)

Authority: The Acting Commissioner of the Department of Insurance, Securities and Banking, pursuant to the authority set forth in section 10 of the Certified Capital Companies Act of 2003, effective March 10, 2004 (D.C. Law 15-87; D.C. Official Code § 31-5239 ).