27941934, 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: 27941934

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69W-600.0013	Application for Registration as an Issuer/Dealer (Repealed)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-600.0015	Canadian Dealer Notice-Filing
69W-600.0016	Application for Registration as an Investment Adviser (State Registered)
69W-600.0017	Notice-Filing for Federal Covered Advisers
69W-600.0019	Registration of Florida Limited Offering Intermediaries
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69W-600.0023	Application for Registration as an Associated Person (Issuer/Dealer) (Repealed)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69W-600.0033	Notice Filing of Branch Office (Issuer/Dealer) (Repealed)
69W-600.012	Rules of Conduct
69W-600.013	Prohibited Business Practices for Dealers and Their Associated Persons
69W-600.0131	Prohibited Business Practices for Investment Advisers and Their Associated Persons
69W-600.0132	Custody Requirements for Investment Advisers
69W-600.0133	Use of Senior - Specific Certifications or Senior-Specific Professional Designations by Associated Persons and Investment Advisers
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 conform the rules to Chapter 2023-205, Laws of Florida, to toll the time period for abandoning an application filed with the Office for registration as a Financial Industry Regulatory Authority (“FINRA”) member dealer, to clarify how applicants for registration as associated persons of investment advisers or federal covered advisers may satisfy exam requirements, to clarify the requirements for written confirmations of transactions and to remove a redundant section concerning a dealer’s net worth, to include a violation of Regulation Best Interest as a prohibited business practice and incorporate it within the books and records requirements, to define “supervised person” for purposes of custody requirements, to incorporate revised forms, to clarify that Rule 69W-600.0133, Florida Administrative Code, concerns “senior-specific professional designations, to correct typos, to specify how an independent certified public accountant is to provide notice to the Office, and to use consistent terms.

SUMMARY:

The rules are amended to conform the Rules to Chapter 2023-205, Laws of Florida, which amended chapter 517, Florida Statutes, to: 1) no longer require the registration of issuers or their associated persons; and 2) to remove “demonstrations of unworthiness” as a grounds for denying an application for registration or for revoking, restricting, or suspending a registration, to toll the time period for abandoning  an application filed with the Office for registration as a Financial Industry Regulatory Authority (“FINRA”) member dealer until FINRA has made a determination on its application where the applicant has simultaneously applied for FINRA membership, to clarify how applicants for registration as associated persons of investment advisers or federal covered advisers may satisfy exam requirements, to clarify the requirements for written confirmations of transactions and to remove a redundant section concerning a dealer’s net worth, to include a violation of Regulation Best Interest as a prohibited business practice and incorporate it within the book and record requirements, to define “supervised person” for purposes of custody requirements, to incorporate revised forms, to clarify that Rule 69W-600.0133, Florida Administrative Code, concerns “senior-specific professional designations, to correct typos, to specify how an independent certified public accountant is to provide notice to the Office upon its resignation or dismissal from, or other termination of, the engagement, or upon removing itself or being removed from consideration for being reappointed, and to use consistent terms.

RULEMAKING AUTHORITY:

517.03, 517.12, 517.121, 517.1201, 517.1215, 517.1217, 517.1611, FS.

LAW:

517.081, 517.12, 517.1201, 517.121, 517.1215, 517.1217, 517.161, 517.1611, 517.201, 517.301, FS.

PRINT PUBLISH DATE:

1/17/2024 Vol. 50/11

COMMENTS:

From 1/17/2024 To 2/7/2024 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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