Net Capital and Financial Reporting Requirements for Dealers and Issuer/Dealers, Net Capital and Financial Reporting Requirements for Investment Advisers

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NOS.:RULE TITLES:

69W-600.0151Net Capital and Financial Reporting Requirements for Dealers and Issuer/Dealers

69W-600.0161Net Capital and Financial Reporting Requirements for Investment Advisers

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. 41 No. 19, January 29, 2015 issue of the Florida Administrative Register.

Following comment by the Joint Administrative Procedures Committee, the following amendments are made to the rules:

 

69W-600.0151, F.A.C.:

Subparagraph (1)(c)4.:

 

4. When specifically requested by the Office pursuant to Section 517.201, F.S., a Statement of Changes in Financial Position, Statement of Changes in Stockholder’s/Partner’s/Proprietor’s Equity, and a Statement of Changes in Liabilities Subordinated to Claims of General Creditors.

 

Subparagraph (4)(a)1.:

 

1. A completed SEC Form X-17A-5 Part IIA (FOCUS Report) (02-03) [version date], which is hereby incorporated by reference and accessible at http://www.flrules.org/_____ or http://www.flofr.com/_______, or

 

Subsection (6) and legal citations:

 

(6) Registration as a dealer or issuer-dealer may be denied, revoked, or suspended pursuant to Section 517.161(1), F.S., if financial statements reflect:

1. Net capital less than required under this rule; or

2. An audit opinion qualified as to the scope of the audit, the entity’s ability to continue on a going-concern basis, or other material qualifications; or

3. An adverse audit opinion or a disclaimer of opinion.

Rulemaking Authority 517.03(1), 517.12(9), 517.121(2) FS. Law Implemented 517.12(9), 517.121(2), 517.161(1), 517.201 FS. History–New________ .

 

69W-600.0161, F.A.C.:

Subparagraph (2)(b)4.:

 

4. The Office may also specifically request an investment adviser pursuant to Section 517.201, F.S., to include a Statement of Changes in Financial Position, Statement of Changes in Stockholder’s/Partner’s/Proprietor’s Equity, and a Statement of Changes in Liabilities Subordinated to Claims of General Creditors.

 

Paragraph (2)(d) and legal citations:

 

(d) Registration as an investment adviser may be denied, revoked, or suspended pursuant to Section 517.161(1), F.S., if financial statements reflect:

1. Net capital less than required under this rule; or

2. An audit opinion qualified as to the scope of the audit, the entity’s ability to continue on a going-concern basis, or other material qualifications; or

3. An adverse audit opinion or a disclaimer of opinion.

(3) For purposes of this rule, “custody” is defined in Rule 69W-600.0132(1)(a), F.A.C.

Rulemaking Authority 517.03(1), 517.12(9), 517.121(2) FS. Law Implemented 517.12(9), 517.121(2), 517.161(1), 517.201 FS. History–New________.