26344344, 69W-600.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 26344344

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Securities

Chapter:

REGISTRATION OF DEALERS, INVESTMENT ADVISERS, ASSOCIATED PERSONS

Overview

RULE:

69W-600.001	Application for Registration as a Dealer (FINRA)
69W-600.0011	Effect of Law Enforcement Records on Applications for Registration as Dealer, Intermediary, or Investment Adviser
69W-600.0012	Application for Registration as a Dealer (Non-FINRA)
69W-600.0013	Application for Registration as an Issuer/Dealer (Repealed)
69W-600.0016	Application for Registration as an Investment Adviser (State Registered)
69W-600.002	Application for Registration as Associated Person (FINRA Dealer)
69W-600.0022	Application for Registration as an Associated Person (Non-FINRA Dealer)
69W-600.0023	Application for Registration as an Associated Person (Issuer/Dealer) (Repealed)
69W-600.0024	Application for Registration as an Associated Person (Investment Adviser and Federal Covered Advisor)
69W-600.0031	Notice-Filing of Branch Office (FINRA Dealer)
69W-600.0131	Prohibited Business Practices for Investment Advisers and Their Associated Persons
69W-600.014	Books and Records Requirements
69W-600.0151	Net Capital and Financial Reporting Requirements for Dealers
69W-600.0161	Net Capital and Financial Reporting Requirements for Investment Advisers

PURPOSE:

The purpose and effect is to amend the existing rules to incorporate by reference the current version of SEC Form X-17A-5, FOCUS Report, and other materials incorporated by reference, to clarify how applicants for registration as associated persons of investment advisers or federal covered advisers may satisfy exam requirements, to use consistent terminology throughout the rule chapter, to remove superfluous language, to correct a spelling error, to require financial statements to be submitted to the Office through an electronic portal, to allow associated persons of Financial Industry Regulatory Authority (FINRA) member firms who elect to participate in the FINRA Maintaining Qualifications Program (MQP) to satisfy exam requirements, to include intermediaries in the definition of “applicant” for purposes of general procedures regarding law enforcement records as such procedures relate to application review, and to add in missing language clarifying that for FINRA dealer branch offices not designated as an Office of Supervisory Jurisdiction (OSJ), FINRA dealers must specify the OSJ and the supervisor(s) at the specified OSJ that supervise(s) the branch office.

SUMMARY:

The proposed amended rules amend the existing rules to incorporate by reference the current version of SEC Form X-17A-5, FOCUS Report, and other materials incorporated by reference, clarify how applicants for registration as associated persons of investment advisers or federal covered advisers may satisfy exam requirements, use consistent terminology throughout the rule chapter, remove superfluous language, correct a spelling error, require financial statements to be submitted to the Office through an electronic portal, include intermediaries in the definition of “applicant” for purposes of general procedures regarding law enforcement records as such procedures relate to application review, and add in missing language clarifying that for FINRA dealer branch offices not designated as an Office of Supervisory Jurisdiction (OSJ), FINRA dealers must specify the OSJ and the supervisor(s) at the specified OSJ that supervise(s) the branch office. The proposed amended rules also amend the existing rules to allow associated persons of Financial Industry Regulatory Authority (FINRA) member firms who elect to participate in the FINRA Maintaining Qualifications Program (MQP) to satisfy exam requirements. Individuals who terminate their registrations with FINRA member firms and elect to participate in the MQP may have a maximum of five years, instead of two years, in which to reregister with a firm without having to requalify by exam.

RULEMAKING AUTHORITY:

517.03(1), 517.12, 517.1202, 517.121, 517.1215, 517.1611(2), FS.

LAW:

517.12, 517.1202, 517.121, 517.1215, 517.161, 517.201, FS.

PRINT PUBLISH DATE:

9/30/2022 Vol. 48/191

COMMENTS:

From 9/30/2022 To 10/21/2022 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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