15564831, 69W-600.0131 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 15564831

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Securities

Chapter:

REGISTRATION OF DEALERS, INVESTMENT ADVISERS, ASSOCIATED PERSONS

Overview

RULE:

69W-600.0131

Prohibited Business Practices for Investment Advisers and Their Associated Persons

PURPOSE:

The Office proposes to amend rule 69W-600.0131 to add new prohibited business practices for investment advisers and associated persons: 1) violations of SEC Rule 204-1 (to be incorporated in 69W-200.002) which requires, among other things, investment advisers to annually update their registration form; 2) failure to concurrently send clients invoices for investment advisers who directly deduct fees from client accounts; and 3) failure to establish, maintain, and enforce written policies and procedures for compliance with Chapters 517, F.S., and 69W, F.A.C.  Amendments also clarify the statutory implementation of the rule and the applicability of federal standards incorporated by reference.  SEC Rule 206(4)-4 is also stricken from subsection (1)(a) as it no longer contains substantive language.

SUMMARY:

The amendments to 69W-600.0131 establish 3 new prohibited business practices for investment advisers and associated persons, clarify the statutory implementation and applicability of the rule, and strikes an outdated material incorporated by reference.

RULEMAKING AUTHORITY:

517.03(1), 517.1215 FS

LAW:

517.12(4), 517.1215, 517.161(1) FS

PRINT PUBLISH DATE:

1/29/2015 Vol. 41/19

COMMENTS:

From 1/29/2015 To 2/19/2015 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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