15578217, 69W-600.0132 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 15578217

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Securities

Chapter:

REGISTRATION OF DEALERS, INVESTMENT ADVISERS, ASSOCIATED PERSONS

Overview

RULE:

69W-600.0132

Custody Requirements for Investment Advisers

PURPOSE:

The Office proposes to amend this rule to conform it more closely with the NASAA model rule.  The purpose and effect of these changes are for more logical organization, clarifying certain provisions, adding a requirement for investment advisers with custody who do not meet certain exceptions to have an annual independent verification of client funds and securities, and modifying the exception for direct fee deduction.  The existing custody exceptions for investment advisers acting as trustees and beneficial trustees are retained.

SUMMARY:

The amendments make numerous substantive revisions to the rule regulating the custody of client funds and securities by investment advisers.

RULEMAKING AUTHORITY:

517.03(1), 517.1215 FS

LAW:

517.1215 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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