Section 20.121(3), F.S., sets forth the powers and general organizational structure of the Office of Financial Regulation. Section 20.121(3)(a)1., F.S., requires the Office of Financial Regulation to have a Bureau of Financial Investigations. ...

DEPARTMENT OF FINANCIAL SERVICES
Indexing Agency Orders

RULE NO.: RULE TITLE:
69T-1.001: Organizational Structure
PURPOSE AND EFFECT: Section 20.121(3), F.S., sets forth the powers and general organizational structure of the Office of Financial Regulation. Section 20.121(3)(a)1., F.S., requires the Office of Financial Regulation to have a Bureau of Financial Investigations. Pursuant to Section 20.121(3)(b), F.S., the Financial Services Commission is required to establish any additional structure for the office that it believes is necessary to promote efficiency and accountability. The Office's current organizational structure is set forth in Rule 69T-1001, F.A.C. The proposed amendments update the rule to reflect changes to the organizational structure that will promote efficiency and accountability. Among other things, the rule amendments rename organizational units to more accurately reflect their function and focus, and the amendments consolidate two units in the finance area to streamline operations.
SUMMARY: The rule amendments reflect changes to the organizational structure of the Office of Financial Regulation that will promote efficiency and accountability. Within the Division of Securities, the Bureau of Securities Regulation, is renamed the Bureau of Enforcement, and the Bureau of Regulatory Review is renamed the Bureau of Registration. Within the Division of Finance, the Bureau of Finance Regulation is renamed the Bureau of Enforcement and the Bureau of Regulatory Review is renamed the Bureau of Registration. In addition, the Division of Finance is renamed to the Division of Consumer Finance. The Bureau of Money Transmitter Regulation within the current Division of Finance is eliminated and its functions are being merged into the Division of Consumer Finance, Bureau of Enforcement. The Office of Legal Services is renamed the Office of the General Counsel. The rule amendments also reflect an Office of Communications, which shall be headed by a director.
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: 1) No requirement for a SERC was triggered under Section 120.541(1); and 2) The amendments will not exceed any one of the economic analysis criteria in a SERC, as set forth in Section 120.541(2)(a), F.S.
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: 20.121(3)(b) FS.
LAW IMPLEMENTED: 20.121(3)(b) FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Greg Melchior, Interim General Counsel, [phone], [e-mail]

THE FULL TEXT OF THE PROPOSED RULE IS:

69T-1.001 Organizational Structure.

(1) The following organizational units are established in the Office of Financial Regulation:

(a) Office of Inspector General;

(b) Office of General Counsel Legal Services;

(c) Division of Financial Institutions, which shall include the following bureaus:

1. Bureau of Bank Regulation District I;

2. Bureau of Bank Regulation District II;

3. Bureau of Credit Union Regulation.

(d) Division of Securities, which shall include the following bureaus:

1. Bureau of Enforcement Securities Regulation;

2. Bureau of Registration Regulatory Review.

(e) Division of Consumer Finance, which shall include the following bureaus:

1. Bureau of Enforcement Finance Regulation;

2. Bureau of Registration Regulatory Review;.

3. Bureau of Money Transmitter Regulation.

(f) Bureau of Financial Investigations as required by Section 20.121(3)(a)2., F.S.

(g) Office of Communications

(2) There is established under the Director of the Office of Financial Regulation the position of assistant director. The assistant director will aid the director in fulfilling the director’s statutory obligations. The director may be known as the Commissioner of the Office of Financial Regulation and the assistant director may be known as the Deputy Commissioner of the Office of Financial Regulation.

(3) The Office of Inspector General shall be headed by an inspector general.

(4) The Office of General Counsel Legal Services shall be headed by a general counsel.

(5) The Office of Communications shall be headed by a director.

(6)(5) Each division shall be headed by a director.

(7)(6) Each bureau shall be headed by a chief.

Rulemaking Specific Authority 20.121(3)(b) FS. Law Implemented 20.055(2), 20.121(3)(b) FS. History–New 1-3-07, Amended________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Greg Hila, Deputy Commissioner
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 20, 2012
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: February 10, 2012