Washington § 21.20.020 - Unlawful acts of person advising another.

Full text of Washington Revised Code of Washington § 21.20.020 — Unlawful acts of person advising another., with citation guidance and answers to common questions.

§ 21.20.020. Unlawful acts of person advising another.

(1) It is unlawful for any person who receives any consideration from another party primarily for advising the other person as to the value of securities or their purchase or sale, whether through the issuance of analyses or reports or otherwise:
(a) To employ any device, scheme, or artifice to defraud the other person;
(b) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the other person; or
(c) To engage in any dishonest or unethical practice as the director may define by rule.
This subsection (1) applies whether or not the person is an investment adviser, federal covered adviser, or investment adviser under this chapter or the Investment Advisers Act of 1940.
(2) It is unlawful for an investment adviser, acting as principal for his or her own account, knowingly to sell any security to or purchase any security from a client, or act as a broker for a person other than such client, knowingly to effect any sale or purchase of any security for the account of such client, without disclosing to such client in writing before the execution of such transaction the capacity in which he or she is acting and obtaining the consent of the client to such transaction.
This subsection (2) does not apply to a transaction with a customer of a broker-dealer if the broker-dealer is not acting as an investment adviser in relation to the transaction.
[ 2002 c 65 s 2; 1998 c 15 s 2; 1959 c 282 s 2.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 21.20.020

What does Revised Code of Washington § 21.20.020 cover?

Section 21.20.020 ("Unlawful acts of person advising another.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 21.20.020?

A common citation format is "Revised Code of Washington § 21.20.020" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 21.20.020 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.