8078177, 69W-600.0011 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 8078177

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Securities

Chapter:

REGISTRATION OF DEALERS, INVESTMENT ADVISERS, ASSOCIATED PERSONS

Overview

RULE:

69W-600.0011

Effect of Law Enforcement Records on Applications for Registration as Dealer, Intermediary, or Investment Adviser

PURPOSE:

During the regular 2009 legislative session, the Florida Legislature passed House Bill 483, relating to investor protection. The bill was signed into law on June 29, 2009, and took effect on July 1, 2009. A key provision of the new law requires the Financial Services Commission to adopt registration disqualifying periods for applicants and their relevant persons based upon criminal convictions, pleas of nolo contendere, or pleas of guilt, regardless of whether adjudication was withheld. The proposed rule implements these requirements and applies to dealers, issuer/dealers, and investment advisers, including their relevant persons. “Relevant persons” include any direct owner, principal, or indirect owner that is required to be reported on behalf of the applicant on Form BD (Uniform Application for Broker-Dealer Registration) or Form ADV (Uniform Application for Investment Adviser Registration).

SUBJECT:

Securities Regulation – Registration Disqualifying Periods for Dealers, Issuer/Dealers, and Investment Advisers.

RULEMAKING AUTHORITY:

517.1611(2) FS.

LAW:

517.12, 517.161 FS.

PRINT PUBLISH DATE:

12/24/2009 Vol. 35/51

RELATED STATUTES
AND LAWS:

517.1611(2) FS., 517.12, 517.161 FS.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://flrules.org/gateway/ruleno.asp?id=69W-600.0011&PDate=12/24/2009&Section=1

REFERENCE MATERIALS:

No reference(s).

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