The rule chapter is being amended to update the rules and related forms that provide guidance regarding procedures, requirements, and qualifications of banks and savings associations participating as qualified public depositories (“QPDs”) in the ...

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Treasury

RULE NO.:RULE TITLE:

69C-2.001Purpose

69C-2.002Scope

69C-2.004Definitions

69C-2.005Qualifications for Participation by Banks and Savings Associations

69C-2.006Administration of Collateral Requirements

69C-2.007Eligible Collateral Criteria and Restrictions

69C-2.009Forms

69C-2.0095Electronic Data Transmission of Information, Reports, and Forms

69C-2.010Additional Reports and Inspections

69C-2.011Interim Reports by the Chief Financial Officer

69C-2.021Assessment Calculation

69C-2.022Requirements of Public Depositors

69C-2.024Criteria and Guidelines to be Used by the Chief Financial Officer in Administering and Protecting the Integrity of the Public Deposits Program

69C-2.026Administration of Payment of Losses

69C-2.027Effective Date of Withdrawal Due to an Acquisition or Merger

69C-2.028Ownership of Collateral by an Operating Subsidiary of the Qualified Public Depository

69C-2.029Authorized Agent

69C-2.030Use of Agents by Custodians of Collateral

69C-2.031Format for Confirmations from Custodians

69C-2.032Execution of Forms, Proof of Authorization

PURPOSE AND EFFECT: The rule chapter is being amended to update the rules and related forms that provide guidance regarding procedures, requirements, and qualifications of banks and savings associations participating as qualified public depositories (“QPDs”) in the state, pursuant to chapter 280, F.S. The proposed rules have been streamlined to improve organization and efficiency in the administration of the rule chapter. The rulemaking provides expanded guidance and criteria regarding a QPD’s request for consideration of hardship claims that may result in the adjustment of a QPD’s current pledge of collateral. The rulemaking also provides that in cases where a non-qualified depository acquires, merges or consolidates with a QPD, the grace period under which the resulting entity is automatically approved as a QPD is increased from thirty (30) days to (90) days. Changes have also been made to the filing and reporting requirements for any such resulting entity seeking to withdraw from participation as a QPD. Additionally, the rulemaking deletes an existing rule, clarifies, updates and deletes certain existing definitions, adds new definitions, updates existing forms, adds new forms, and provides electronic links to the Division’s website.

SUBJECT AREA TO BE ADDRESSED: Amendments to Rule Chapter 69C-2, F.A.C.

RULEMAKING AUTHORITY: 280.13(2), (5), 280.19, 280.041(7) FS.

LAW IMPLEMENTED: 175.301, 185.30, 280, 280.01-.05, 280.02, 280.02(11), 280.04, 280.04(1), 280.04(4), 280.05, 280.05(6), 280.05(16), 280.05(19), 280.016, 280.016(1)(b), 280.0016(1)(b), 280.07, 280.08, 280.08(3), 280.085, 280.09, 280.09(2), 280.10, 280.11, 280.13, 280.16, 280.17, 280.17(1)(b), 280.18, 280.19, 631.221, FS.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:

DATE AND TIME: Wednesday, November 20, 2019, 2:00 p.m. – 4:00 p.m.

PLACE: Department of Financial Services, 200 E. Gaines Street, J. Edwin Larson Bldg., Tallahassee, FL 32399, Room 116

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Kenneth Lee at 200 East Gaines Street, Tallahassee, FL 32399-0343, telephone: [phone], or [e-mail]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Kenneth Lee, Bureau Chief, Bureau of Collateral Management (please see contact information in paragraph above).

 

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.