This rule is proposed to be amended to incorporate one new material by reference, SEC Rule 204-1 (17 C.F.R. 275.204-1), to be referenced in Rule 69W-600.0131, F.A.C. The effect of this incorporation is to require state investment advisers to comply ...

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NO.:RULE TITLE:

69W-200.002General Industry Standards Incorporated by Reference

PURPOSE AND EFFECT: This rule is proposed to be amended to incorporate one new material by reference, SEC Rule 204-1 (17 C.F.R. 275.204-1), to be referenced in Rule 69W-600.0131, F.A.C. The effect of this incorporation is to require state investment advisers to comply with the requirements in SEC Rule 204-1, including annually updating their Form ADV.

SUMMARY: Subsection (50) is proposed to be amended to incorporate SEC Rule 204-1 by reference.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION: The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Agency expressly relies on an analysis of potential economic impact conducted by persons with subject matter knowledge of this rule.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 517.03(1), 517.1215(2), 517.1217 FS.

LAW IMPLEMENTED: 517.081, 517.12(4), 517.1215, 517.1217, 517.161(1) FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: John Kim, [e-mail], [phone]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69W-200.002 General Industry Standards Incorporated by Reference.

The following general industry standards as expressed in the statutes, rules and regulations of the various federal and self-regulatory agencies and regulatory associations and referenced in Chapter 69W, F.A.C., are hereby incorporated by reference and adopted by this rule. The material incorporated by reference in this rule may also be obtained from the Florida Office of Financial Regulation (Office), Division of Securities’ website at http://www.flofr.com/StaticPages/DivisionOfSecurities.htm, except where noted for copyright restrictions. Materials subject to copyright restrictions may be inspected and examined by contacting the Florida Office of Financial Regulation, Division of Securities, at 200 E. Gaines Street, Tallahassee, Florida 32399, [phone].

(1) through (49) No change.

(50) SEC Rule 204-1 (17 C.F.R. § 275.204-1); 204-3 (17 C.F.R. § 275.204-3); Rule 205-1 (17 C.F.R. § 275.205-1); Rule 205-2 (17 C.F.R. § 275.205-2); Rule 205-3 (17 C.F.R. § 275.205-3); Rule 206(3)-1 (17 C.F.R. § 275.206(3)-1); Rule 206(3)-2 (17 C.F.R. § 275.206(3)-2); Rule 206(4)-1 (17 C.F.R. § 275.206(4)-1; Rule 206(4)-3 (17 C.F.R. § 275.206(4)-3, (4-1-14 edition), accessible at _________________

http://www.flrules.org/Gateway/reference.asp?No=Ref-04563.

(51) through (72) No change.

Rulemaking Authority 517.03(1), 517.1215(2), 517.1217 FS. Law Implemented 517.081, 517.12(4), 517.1215, 517.1217, 517.161(1) FS. History–New 9-22-14, Amended                .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Pamela Epting, Director, Division of Securities

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: January 13, 2015

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: November 24, 2014