The Office of Financial Regulation proposes to amend existing rules to conform to and implement Chapter No. 2018-7, Laws of Florida (Military Fee Waiver), which was signed into law on March 14, 2018. The legislation requires the Financial Services ...

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NO.:RULE TITLE:

69W-600.002Application for Registration as Associated Person (FINRA Dealer)

69W-600.0022Application for Registration as an Associated Person (Non-FINRA Dealer)

69W-600.0023Application for Registration as an Associated Person (Issuer/Dealer)

69W-600.0024Application for Registration as an Associated Person (Investment Adviser and Federal Covered Advisor)

PURPOSE AND EFFECT: The Office of Financial Regulation proposes to amend existing rules to conform to and implement Chapter No. 2018-7, Laws of Florida (Military Fee Waiver), which was signed into law on March 14, 2018. The legislation requires the Financial Services Commission to implement certain parts of the military fee waiver provision by rule.

SUMMARY: The amended rules set out to provide fee waiver procedures for military personnel, veterans, and spouses seeking registration or renewal of registration as any of the following: a principal or associated person of dealers who are members of the Financial Industry Regulatory Authority (FINRA), a principal or associated person of dealers who are not members of the Financial Industry Regulatory Authority (FINRA), a principal or associated person of an issuer/dealer; or an associated person of investment advisers and federal covered advisers.

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: The Agency expressly relies on an analysis of potential impact conducted by persons with subject matter knowledge of this rule.

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: 517.03(1), 517.12(10)(b), 517.12(11)(b) FS.

LAW IMPLEMENTED: 517.03, 517.12 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: Ryann White, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69W-600.002 Application for Registration as Associated Person (FINRA Dealer).

(1) New Applications.

(a) No change.

(b) An application shall include the following:

1. Form U-4 (05/2009). A sample form is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-06089.

2. Statutory fee, for each application, in the amount as required by Section 517.12(10), F.S.

3. Persons requesting a fee waiver as set forth in s. 517.12(10), F.S., shall submit Form OFR-MIL. A sample form is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXXX. Form OFR-MIL shall be submitted within one hundred eighty (180) days after receipt of the application.

4.3. Evidence of examinations/qualifications set forth in subsection (6) of this rule.

5.4. Fingerprints shall be submitted in accordance with Section 517.12(7), F.S., and subsection (7) of this rule.

(2) through (7) No change.

(8) Renewal Requirement.

(a) through (b) No change.

(c) Persons requesting a fee waiver as set forth in s. 517.12(11) F.S., shall submit Form OFR-MIL. A sample form is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXXX. Form OFR-MIL shall be submitted within one hundred eighty (180) days after receipt of the renewal fees.

(9) through (11) No change.

Rulemaking Authority 517.03(1), 517.12 FS. Law Implemented 517.12 FS. History–New 9-20-82, Formerly 3E-301.02, Amended 10-15-86, 10-4-88, 6-24-90, 7-29-90, 10-14-90, 8-1-91, 6-16-92, 6-28-93, 11-14-93, 3-13-94, 4-30-96, 12-29-96, 6-22-98, 5-10-00, 9-19-00, 7-31-02, 12-11-03, Formerly 3E-600.002, Amended 3-16-06, 5-15-07, 12-24-07, 12-25-08, 11-22-10, 5-29-12, 11-11-13, 12-29-15, _____.

 

69W-600.0022 Application for Registration as Associated Person (Non-FINRA Dealer).

(1) New Applications.

(a) No change.

(b) An application shall include the following:

1. Form U-4 (05/2009), which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-06089.

2. Statutory fee, for each application, in the amount as required by Section 517.12(10), F.S.

3. Persons requesting a fee waiver as set forth in s. 517.12(10), F.S., shall submit Form OFR-MIL. A sample form is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXXX. Form OFR-MIL shall be submitted within one hundred eighty (180) days after receipt of the application.

4.3. Evidence of examinations/qualifications set forth in subsection (6) of this rule.

5.4. Fingerprints shall be submitted in accordance with Section 517.12(7), F.S., and subsection (7) of this rule.

(2) through (7) No change.

(8) Renewal Requirement.

(a) through (b) No change.

(c) Persons requesting a fee waiver as set forth in s. 517.12(11) F.S., shall submit Form OFR-MIL. A sample form is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXXX. Form OFR-MIL shall be submitted within one hundred eighty (180) days after receipt of the renewal fees.

(9) through (10) No change.

Rulemaking Authority 517.03(1), 517.12 FS. Law Implemented 517.12 FS. History–New 12-29-15, Amended ____________.

 

69W-600.0023 Application for Registration as Associated Person (Issuer/Dealer).

(1) New Applications.

(a) No change.

(b) An application shall include the following:

1. Form U-4 (05/2009), which is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-06089.

2. Statutory fee, for each application, in the amount as required by Section 517.12(10), F.S.

3. Persons requesting a fee waiver as set forth in s. 517.12(10), F.S., shall submit Form OFR-MIL. A sample form is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXXX. Form OFR-MIL shall be submitted within one hundred eighty (180) days after receipt of the application.

4.3. Evidence of examinations/qualifications set forth in subsection (6) of this rule.

5.4. Fingerprints shall be submitted in accordance with Section 517.12(7), F.S., and subsection (7) of this rule.

(2) through (7) No change.

(8) Renewal Requirement.

(a) through (b) No change.

(c) Persons requesting a fee waiver as set forth in s. 517.12(11) F.S., shall submit Form OFR-MIL. A sample form is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXXX. Form OFR-MIL shall be submitted within one hundred eighty (180) days after receipt of the renewal fees.

(9) through (10) No change.

Rulemaking Authority 517.03(1), 517.12 FS. Law Implemented 517.12 FS. History–New 12-29-15, Amended__________.

 

69W-600.0024 Application for Registration as Associated Person (Investment Adviser and Federal Covered Adviser).

(1) New Applications.

(a) No change.

(b) An application shall include the following:

1. Form U-4 (05/2009). A sample form is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-06089.

2. Statutory fee, for each application, in the amount as required by Section 517.12(10), F.S.

3. Persons requesting a fee waiver as set forth in s. 517.12(10), F.S., shall submit Form OFR-MIL. A sample form is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXXX. Form OFR-MIL shall be submitted within one hundred eighty (180) days after receipt of the application.

4.3. Evidence of examinations/qualifications set forth in subsection (6) of this rule.

5.4. Fingerprints shall be submitted in accordance with Section 517.12(7), F.S., and subsection (7) of this rule.

(2) through (7) No change.

(8) Renewal Requirement.

(a) through (b) No change.

(c) Persons requesting a fee waiver as set forth in s. 517.12(11) F.S., shall submit Form OFR-MIL. A sample form is hereby incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXXX. Form OFR-MIL shall be submitted within one hundred eighty (180) days after receipt of the renewal fees.

(9) through (10) No change.

Rulemaking Authority 517.03(1), 517.12 FS. Law Implemented 517.12 FS. History–New 12-29-15, Amended__________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Lee Kell, Director, Division of Securities

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 13, 2018

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: May 24, 2018