Effect of Law Enforcement Records on Applications for Registration as Dealer, Issuer/Dealer, or Investment Adviser, Effect of Law Enforcement Records on Applications for Registration as Associated Persons
DEPARTMENT OF FINANCIAL SERVICES
RULE NOS.:RULE TITLES:
69W-600.0011Effect of Law Enforcement Records on Applications for Registration as Dealer, Issuer/Dealer, or Investment Adviser
69W-600.0021Effect of Law Enforcement Records on Applications for Registration as Associated Persons
NOTICE OF CHANGE
Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 45 No. 157, August 13, 2019 issue of the Florida Administrative Register.
69W-600.0011 Effect of Law Enforcement Records on Applications for Registration as Dealer, Issuer/Dealer, or Investment Adviser.
(1) General Procedure Regarding Law Enforcement Records. For purposes of this rule, an “applicant” is any Dealer, Issuer/Dealer or Investment Adviser seeking registration in Florida. Any member, principal, or director of the applicant or any person having similar status or performing similar functions; any person directly or indirectly controlling the applicant; direct owners, principals, or indirect owners that are required to be reported on behalf of the applicant on Form BD or Form ADV pursuant to section 517.12(15), F.S. shall be referred to collectively as “relevant persons”. Form BD, Uniform Application for Broker-Dealer Registration (1-08) and Form ADV, Uniform Application for Investment Adviser Registration (07-17) are hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX and http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX. As part of the application review process for each Dealer, Issuer/Dealer, or Investment Adviser, submitted on Form BD or Form ADV, the Office is required to consider all relevant persons law enforcement records when deciding whether to approve an application for registration. When conducting this review, the Office reviews the criminal history information derived from the fingerprint check, any responses made by the applicant or relevant person, and information from other resources such as the Financial Industry Regulatory Authority. In the event of a question regarding the relevant person’s criminal history, the Office may request additional information from the applicant to determine the status of a criminal event, the specific facts and circumstances surrounding a criminal event, or to address other issues determined relevant to the review of the law enforcement record. The Office will notify the applicant of any specific documents that it requires in order to complete its review of the relevant person’s law enforcement record. Documentation that is typically requested includes:
(a) through (e) No change.
(2) through (17) No change.
Rulemaking Authority 517.1611(2) FS. Law Implemented 517.12, 517.161 FS. History–New 9-2-10, Amended.
69W-600.0021 Effect of Law Enforcement Records on Applications for Registration as Associated Persons.
(1) General Procedure Regarding Law Enforcement Records. As part of the application review process, the Office is required to consider an applicant’s law enforcement record when deciding whether to approve an application for registration as an associated person. When conducting this review, the Office reviews the applicant’s Form U4 responses, criminal history information derived from the fingerprint check, and information from other resources such as the Financial Industry Regulatory Authority. Form U4, Uniform Application for Securities Industry Registration or Transfer (05/2009) is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX. In the event of a question regarding the applicant’s criminal history, the Office may request additional information from the applicant to determine the status of a criminal event, the specific facts and circumstances surrounding a criminal event, or to address other issues determined relevant to the review of the law enforcement record. The Office will notify the applicant of any specific documents that it requires in order to complete its review. Documentation that is typically requested includes:
(a) through (e) No change.
(2) through (17) No change.
Rulemaking Authority 517.1611(2) FS. Law Implemented 517.12, 517.161 FS. History–New 3-2-10, Amended.
