69W-600.0017. Notice-Filing for Federal Covered Advisers  


Effective on Tuesday, November 26, 2019
  • 1(1) New Notice-Filings.

    4(a) The notice-filing for federal covered advisers shall be filed electronically through the Investment Adviser Registration Depository (IARD) of the 24Financial Industry Regulatory Authority 28(FINRA) using the 31Uniform Application for Investment Adviser Registration (Form ADV) 39as prescribed by the Financial Services Commission (Commission). The notice-filing shall include all information required by such form, such information that has been filed or is required to be filed with the Securities and Exchange Commission (SEC), and payment of the statutory fees required by Sections 85517.1201 86and 87517.131, F.S. 89The notice-filing shall be deemed received by the Office on the transaction date (Trans DT) reflected on the Central Registration Depository (CRD) of FINRA “disbursement detail” report.

    116(b) All federal covered advisers making or amending a notice-filing in this state shall file the Form ADV, Part 1, including copies of any amendments filed or required to be filed with the SEC, and the assessment fee required by Section 157517.1201(1) 158or (2), F.S., with the IARD in accordance with subsection (1). Form ADV (07-17) is hereby incorporated by reference, and a sample form is available at 184http://www.flrules.org/Gateway/reference.asp?No=Ref-11280186.

    187(2) Registration of Associated Persons. All federal covered advisers who notice-file in this state and who request initial registration or amendment of an associated person of the federal covered adviser shall file the Uniform Application for Securities Industry Registration or Transfer (Form U4) and the assessment fee required by Section 237517.12(10) 238or (11), F.S., with the CRD in accordance with Rule 69W-600.0024, F.A.C. However, responses to requests by the Office for additional information shall be filed directly with the Office. Form U4 269(05/2009) is hereby incorporated by reference and a sample form is available at 282http://www.flrules.org/Gateway/reference.asp?No=Ref-06089284.

    285(3) Renewal Requirement.

    288(a) Every federal covered adviser notice-filed with the Office shall annually verify all registrations of associated persons prior to December 31.

    309(b) In addition to verifying registrations as provided in paragraph (3)(a), to renew its notice-filing and the registrations of its associated persons, each investment adviser shall pay all renewal fees as required by Sections 343517.12(11) 344and 345517.1201, F.S.

    347(c) Renewal fees for federal covered advisers shall be submitted through the IARD by December 31 of the year the notice-filing expires. Renewal fees for associated persons of federal covered advisers shall be submitted through the CRD by December 31 of the year the registration expires.

    393(d) For federal covered advisers, failure to submit the requisite amount of fees as provided for in paragraph (4)(b), by December 31 of the year of expiration of the notice-filing shall result in the firm notice-filing or agent registration not being renewed. If December 31 falls on a Saturday, Sunday or legal holiday pursuant to Section 449110.117, F.S., 451the renewals received on the next business day shall be considered timely received. However, an expired registration or notice-filing may be reinstated in accordance with the provisions of Section 480517.12(11) 481or 482517.1201, F.S., 484provided that all requisite information and fees are date stamped by the cashier’s office of the Department of Financial Services on or before January 31 of the year following the year of expiration. Failure to submit the requisite amount of fees necessary to reinstate registration or notice-filing by January 31 of the year following the year of expiration shall result in such registration or notice-filing not being reinstated. If January 31 falls on a Saturday, Sunday, or legal holiday pursuant to Section 566110.117, F.S., 568the reinstatement received on the next business day shall be considered timely received. In the event that the renewal or reinstatement is withdrawn or not granted, any fees filed to renew or reinstate registration or notice-filing shall become the revenue of the state pursuant to the provisions of Section 617517.12(10) 618or 619517.1201, F.S., 621and shall not be returnable.

    626(4) Termination of Notification as Investment Adviser or Registration as Agent.

    637(a) Where a federal covered adviser withdraws, cancels, or otherwise terminates notification, or is terminated for any reason, notice of such fact shall be electronically filed with the Office using the forms incorporated in paragraph (4)(c) of this rule, within thirty (30) calendar days of the date of termination.

    686(b) 687Any investment adviser shall file any withdrawals, cancellations, or notice-filing terminations with the Office through the IARD of FINRA. Any associated person of an investment adviser shall file any withdrawals, cancellations, or terminations of registration with the Office through the CRD.

    728(c) The forms to be utilized for providing notice to the Office under paragraphs (4)(a) and (4)(b) above, are:

    7471. Notice of Withdrawal from Registration as Investment Adviser (Form ADV-W) (07-17). A sample form is hereby incorporated by reference and is available at 771http://www.flrules.org/Gateway/reference.asp?No=Ref-11281773.

    7742. Uniform Termination Notice for Securities Industry Registration (Form U5) (05/09). A sample form is hereby incorporated by reference and is available at 797http://www.flrules.org/Gateway/reference.asp?No=Ref-06090799.

    800Rulemaking Authority 802517.03(1), 803517.1201 FS. 805Law Implemented 807517.1201 FS. 809History–New 12-29-15, Amended 11-26-19.