8904423, 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: 8904423

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-600.0015	Canadian Dealer Notice-Filing
69W-600.002	Application for Registration as Associated Person (FINRA Dealer)
69W-600.004	Registration of Issuer/Dealers and Principals and Notice-Filing of Branch Offices (Repealed)
69W-600.005	Examinations/Qualifications (Repealed)
69W-600.006	Fingerprint Requirements (Repealed)
69W-600.007	Changes in Name and Successor Registration Requirements (Repealed)
69W-600.008	Termination of Registration as Dealer, Investment Adviser, Principal or Agent, or Notification of Branch Office (Repealed)
69W-600.009	Registration and Notice-Filing Renewals (Repealed)
69W-600.0091	Central Registration Depository System (Repealed)
69W-600.0092	Investment Adviser Registration Depository for Federal Covered Advisers (Repealed)
69W-600.0093	Investment Adviser Registration Depository for Investment Advisers (Repealed)
69W-600.010	Notice of Civil, Criminal or Administrative Action (Repealed)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-600.014	Books and Records Requirements
69W-600.015	Financial Reporting Requirements - Statement of Financial Condition - Dealers and Investment Advisers (Repealed)
69W-600.016	Net Capital Requirements for Dealers and Investment Advisers (Repealed)
69W-600.017	Customer Protection Rule - Reserve Requirements and Custody of Customer Funds and Securities
69W-600.020	Continuing Education Requirements (Repealed)

PURPOSE:

The rules are amended to reflect the latest versions of materials incorporated by reference in the rules, including federal regulations, federal statutes, forms, Financial Industry Regulatory Authority (FINRA) rules, New York Stock Exchange rules, other stock exchange rules, National Association of Securities Dealers (NASD) rules, and Municipal Securities Rulemaking Board (MSRB) rules. The rules are amended to reflect the changes that are being proposed to Rule 69W-301.002, F.A.C., which is the general rule governing the application submission process. Currently, the process for filing applications and fees with the Office is spread throughout Rule Chapters 69W-600, 69W-700, 69W-800 and 69W-900, F.A.C. For clarity, the provisions specifying the process for filing the applications and fees with the Office are relocated to Rule 69W-301.002, F.A.C. This rule is also amended to require the electronic filing of certain applications, documents and fees that are currently accepted by the Office in paper form. The rules are also amended to replace references to the National Association of Securities Dealers (NASD) with the Financial Industry Regulatory Authority (FINRA). FINRA was created in July 2007 through the consolidation of NASD and the member regulation, enforcement and arbitration functions of the New York Stock Exchange. Rule 69W-600.005, F.A.C., is amended to remove the reference to the examination requirement for investment adviser principals as there is no longer a principal investment adviser designation. Rule 69W-600.006, F.A.C., is amended to reflect the statutory requirement for fingerprint submissions for any direct owner, principal, or indirect owner that is required to be reported on the Form BD, Uniform Broker-Dealer Registration, or Form ADV, Uniform Application for Investment Adviser Registration, under Section 517.12(7), F.S. Rule 69W-600.0132, F.A.C., is amended to allow investment advisers under certain conditions to file unaudited financial statements with the Office in lieu the requirement for audited financial statements.

SUMMARY:

The rules are amended to: 1) reflect the latest versions of materials incorporated by reference in the rules; 2) reflect the changes to the application filing process that are being proposed to Rule 69W-301.002, F.A.C.; 3) replace references to the National Association of Securities Dealers with the Financial Industry Regulatory Authority; 4) remove the reference to the examination requirement for investment adviser principals; 5) reflect the statutory requirement for fingerprint submissions for any direct owner, principal, or indirect owner that is required to be reported on the Form BD, Uniform Broker-Dealer Registration, or Form ADV, Uniform Application for Investment Adviser Registration, under Section 517.12(7), F.S.; and 6) allow investment advisers under certain conditions to file unaudited financial statements with the Office in lieu the requirement for audited financial statements.

RULEMAKING AUTHORITY:

517.03(1), 517.12(6), 517.12(9), 517.12(13), 517.12(15), 517.12(17), 517.1201, 517.121(1), 517.121(2), 517.1215, 517.1217, 215.405 FS.

LAW:

517.081, 517.12, 517.12(4), 517.12(5), 517.12(6), 517.12(7), 517.1205, 517.12(8), 517.12(9), 517.12 (10), 943.053, 517.12(11), 517.12(12), 517.12(12)(b), 517.12(13), 517.12(15), 517.12(16), 517.12(18), 517.161, 517.161(1), 517.161(5), 517.1201(1), 517.1201(2), 517.121, 517.121(1), 517.121(2), 517.1215, 517.1217, 517.301(1) FS.

PRINT PUBLISH DATE:

8/20/2010 Vol. 36/33

COMMENTS:

From 8/20/2010 To 9/10/2010 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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