Wash. Admin. Code § 389-12-060
A public depositary must submit a request to the commission to reduce the amount of collateral pledged. Except for the exchange or substitution of securities having an equal or greater market value, the trustee shall not permit the withdrawal of any security without advance approval of the commission.
The trustee, under a depositary pledge agreement, shall inform the commission whenever securities are delivered to or released by the trustee by providing to the commission, within twenty-four hours following such deposit or withdrawal, a copy of the transaction receipt.
When a public depositary pledges eligible securities whose payments include periodic principal reduction, the trustee shall advise the commission, on no less than a monthly basis, of the amounts of such principal payments as well as the new total value which result from the principal payments.
No costs, fees and expenses incidental to the functioning of the depositary pledge agreement shall be a charge against the commission or its interest in the securities pledged.
Each public depositary shall at all times maintain eligible collateral segregated and pledged having a value at least equal to its maximum liability as defined in the act or such other sum or measure set by the commission and under these rules and regulations. Compliance with the foregoing requirement shall be the public depositary's responsibility regardless of the frequency and form of reports required by the commission.
Wash. Admin. Code § 389-12-060
Statutory Authority: Chapter 39.58 RCW and RCW 39.58.040. 09-16-010, § 389-12-060, filed 7/23/09, effective 8/23/09; 99-20-082, § 389-12-060, filed 10/5/99, effective 11/5/99; Order 77-XIII, § 389-12-060, filed 9/27/77; Order II, § 389-12-060, filed 6/13/73; Order 1, § 389-12-060, filed 2/9/70.