The proposed amendment to Rule 69U-140.020, F.A.C., creates additional monetary assessment tiers to extend declining assessments rates for agencies with assets from $2.5B up to and exceeding $10B. This will generally reduce the assessments due for ...

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NO.:RULE TITLE:

69U-140.020 Semiannual Assessment

PURPOSE AND EFFECT: The proposed amendment to Rule 69U-140.020, F.A.C., creates additional monetary assessment tiers to extend declining assessments rates for agencies with assets from $2.5B up to and exceeding $10B. This will generally reduce the assessments due for international agencies with assets exceeding $2.5B. Currently, the rule provides for declining assessments until reaching a flat assessment rate for agencies with total assets over $1B. The proposed rule amendment also includes the statutory minimum assessment and late payment penalty amounts.

SUMMARY: The proposed amendment creates additional monetary assessment tiers to extend declining assessments rates for agencies with assets from $2.5B up to and exceeding $10B. The proposed rule amendment also includes the statutory minimum assessment and late payment penalty amounts.

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.

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: 655.012(2), 663.12, 663.13 FS.

LAW IMPLEMENTED: 663.12 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: Jo Morris, [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69U-140.020 Semiannual Assessment.

(1) Each state licensed international banking agency shall pay to OFR a semiannual assessment fee for the six-month period beginning thirty days before each payment date. Each assessment shall be postmarked on or before January 31 and July 31 of each year. The amount of the semiannual assessment to be paid by each agency is computed as follows:

If the agencies’ total assets are:

	But Not	This Amount	Plus	Of Excess
Over	Over	(Base Assessment)	(Assessment Rate)	Over
Million	Million			Million
$0	$35	$0	0.000065	0
35	100	2,275	0.000052	35
100	500	5,655	0.000040	100
500	1,000	21,495	0.000028	500
1,000	2,500. . . . .	35,335	0.000016	1,000
2,500	5,000	59,655	0.000004	2,500
5,000	7,500	69,655	0.000002	5,000
7,500	10,000	74,655	0.0000008	7,500
10,000	. . . .	76,655	0.0000004	10,000

(2) Each semiannual assessment is based on the total assets (including amounts due the agency from other offices or branches of the international banking corporation of which the agency is a part of or from entities related to that international banking corporation) as shown in the agency’s “Report of Assets and Liabilities of U.S. Agencies of Foreign Banks” most recently preceding the payment date. The assessment shall be computed on Form OFR-U-7, Semiannual Assessment Return International Bank Agencies, revised 3/2003, provided by OFR. Form OFR-U-7 is incorporated by reference and can be obtained by contacting OFR. Each agency subject to the jurisdiction of OFR on January 1 or June 30 of each year is subject to the full assessment for the next six-month period without proration for any reason.

(3) Regardless of the rates above, the semiannual assessment must equal at least $1,000.

(4) The agency officer who is responsible for the calculation of the semiannual assessment must sign, date, and indicate his/her title when submitting to OFR.

(5) OFR shall levy a late payment penalty of $100.00 per day for each day that a semiannual assessment is past due, unless the late payment penalty is excused for good cause. For intentional late filing of a semiannual assessment, OFR shall levy a late payment penalty of $1,000.00 per day for each day that a semiannual assessment is past due.

Rulemaking Specific Authority 655.012(2)(3), 663.12 658.73(6)(b), 663.13 FS. Law Implemented 663.12 658.73(6) FS. History–New 8-21-83, Amended 11-15-85, Formerly 3C-15.13, Amended 10-1-87, 5-17-90, Formerly 3C-15.013, 3C-140.020, Amended __________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Robert Hayes, Director, Division of Financial Institutions, [e-mail], [phone]

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 24, 2013

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 3, 2013