This rule is proposed to be amended to change a cross-reference to current 69W-300.002 to proposed new rule 69W-600.0151, a consolidated financial reporting and net capital rule for dealers and issuer-dealers.

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NO.:RULE TITLE:

69W-500.011Registration of Issuer Under Section 517.061(11), F.S., as Dealer

PURPOSE AND EFFECT: This rule is proposed to be amended to change a cross-reference to current Rule 69W-300.002 to proposed new Rule 69W-600.0151, a consolidated financial reporting and net capital rule for dealers and issuer-dealers.

SUMMARY: The proposed amendment changes a cross-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 FS.

LAW IMPLEMENTED: 517.061(11), 517.12(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-500.011 Registration of Issuer Under Section 517.061(11), F.S., as Dealer.

An issuer of securities who elects to offer or sell its own securities pursuant to Section 517.061(11), F.S., may register as a dealer pursuant to Section 517.12(1), F.S. The issuer shall comply with the rules of the Financial Services Commission for registration as a dealer as set forth under Rule 69W-600.001 and subsection 69W-600.004(1), F.A.C., in addition to the following requirements:

(1) The financial statements required for registration as a dealer should be prepared in accordance with the provisions of subsection 69W-600.0151(4) 69W-300.002(5), F.A.C.

(2) Since the securities will not be registered, a copy of the offering circular for each offering must be submitted although no determination will be made as to the merits of the securities.

(3) The outside front page of the offering circular shall bear the following in bold face type: “THE SECURITIES BEING OFFERED HAVE NOT BEEN REGISTERED WITH THE OFFICE OF FINANCIAL REGULATION. THE FIRM IS REGISTERED AS AN ISSUER/DEALER TO SELL ITS OWN SECURITIES.”

Specific Authority 517.03 FS. Law Implemented 517.061(11), 517.12(1) FS. History–New 9-20-82, Formerly 3E-500.11, Amended 7-31-91,         , Formerly 3E-500.011.

 

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