The purpose and effect is to amend the Disciplinary Guidelines for Chapter 517, Florida Statutes, and Division 69W, Florida Administrative Code, incorporated by reference in Rule 69W-1000.001, F.A.C., in order to reflect current versions of FINRA ...

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NO.:RULE TITLE:

69W-1000.001Disciplinary Guidelines

PURPOSE AND EFFECT: The purpose and effect is to amend the Disciplinary Guidelines for Chapter 517, Florida Statutes, and Division 69W, Florida Administrative Code, incorporated by reference in Rule 69W-1000.001, F.A.C., in order to reflect current versions of FINRA rules and other materials incorporated by reference, remove guidelines for repealed rules, revise the guidelines to reflect appropriate sanctions, reorder the guidelines to improve organization, and remove redundancies.

SUMMARY: The rule is proposed for amendment to update the disciplinary guidelines incorporated by reference in the rule. The Office proposes to make changes to disciplinary guidelines for violations of several subsections of Chapter 69W, F.A.C.

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 economic impact conducted by persons with subject matter knowledge of these rules.

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: 517.1611(1) FS.

LAW IMPLEMENTED: 517.11, 517.121, 517.161, 517.1202, 517.1611(1), 517.191(4), 517.221(3), (4) 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, Division of Securities [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69W-1000.001 Disciplinary Guidelines.

(1) Pursuant to section 517.1611, F.S., disciplinary guidelines applicable to each ground for which disciplinary action may be imposed by the Office against an individual or a firm under chapter 517, F.S., are hereby adopted. The disciplinary guidelines are contained in the Office of Financial Regulation Disciplinary Guidelines for chapter 517, Florida Statutes (F.S.) and Division 69W, Florida Administrative Code (F.A.C.) (effective XX-19 10-16), which is hereby incorporated by reference. A copy of the disciplinary guidelines may be obtained by mail from the Florida Office of Financial Regulation, Division of Securities, 200 E. Gaines Street, Tallahassee, Florida 32399, or may be obtained electronically through the following website: http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX. http://www.flrules.org/Gateway/reference.asp?No=Ref-07396.

(2) through (9) No change.

Rulemaking Authority 517.1611(1) FS. Law Implemented 517.111, 517.121, 517.161, 517.1202, 517.1611(1), 517.191(4), 517.221(3), (4) FS. History–New 11-22-10, Amended 11-14-13, 5-6-15, 11-15-16,                 .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Alisa G. Goldberg, Acting Director, Division of Securities

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: July 25, 2019

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: June 20, 2019