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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69O. OIR – Insurance Regulation |
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69O-143. Domestic Insurers |
1For the purpose of this chapter, the following definitions shall apply 12(for any terms defined in Section 18628.511(2), F.S., 20these definitions are supplementary)24:
25(1) “Agent” shall me29an a national bank, state bank, 35trust company 37or broker/dealer 39which maintains an account in its name in a clearing corporation or which is a member of the Federal Reserve System and through which a custodian participates in a clearing corporation, 70including the Treasur73y74/Reserve Automated Debt Entry Securities System (TRADES) 81or 82Treasury Direct System, 85except that with respect to securities issued by institutions organized or existing under the laws of any foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business therein, “agent” may include a corporation which is organized or existing under the laws of any foreign country and which is legally qualified under such laws to accept custody of securities.
157(2) “Custodian” shall mean161:
162(a) 163A 164national bank, state bank, 168or trust company which s173hall 174at all times 177during which it acts as a custodian pursuant to this chapter be no less than adequately capitalized as determined by the standards adopted by United States banking regulators and that 207is regulated by either state banking laws or is a member of the Federal Reserve System and which is legally qualified to accept custody of securities in accordance with the standards set forth below,
241(b) W243ith respect to securities issued by institutions organized or existing under the laws of any foreign country, or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business therein, 283“custodian” may include a bank or 289trust company 291incorporated or organized under the laws of a country other than the United States that is regulated as such by that country’s government or an agency thereof that at all times during which it acts as a custodian pursuant to this chapter be no less than adequately capitalized as determined by the standards adopted by international banking authorities and that is legally qualified to accept custody of securities; or
360(c) A broker/dealer that is registered with and subject to jurisdiction of the Securities and Exchange Commission, maintains membership in the Securities Investor Protection Corporation, and has a tangible net worth equal to or greater than two hundred fifty million dollars ($250,000,000).
404(3) “Custodied securities” means securities held by the custodian or its agent or in a clearing corporation, including the Treasury/Reserve Automated Debt Entry Securities System (TRADES) or Treasury Direct systems.
434(4) “Tangible net worth” means shareholders equity, less intangible assets, as reported in the broker/dealer’s most recent Annual or Transition Report (S.E.C. Form 10-K) filed with the Securities and Exchange Commission.
465(5) “Treasury/Reserve Automated Debt Entry Securities Systems (TRADES)” and “Treasury Direct” mean the book entry securities systems established pursuant to 31 U.S.C. chapter 31, 48912 U.S.C. s. 391 493and 4945 U.S.C. s. 301.
498Specific Authority 500624.308(1), 501628.511502(1), 503(4), 504628.535 505FS. Law Implemented 508624.307(1), 509628.511 FS. 511History–New 2-7-85, Formerly 4-66.01, 4-66.001, 4-143.041, 517Amended 5-13-08.
