The proposed rule amendment updates procedures in the processing of applications to reflect statutory changes as a result of Chapters 2013-201 and 2013-202, Laws of Florida. The proposed amendment: 1) strikes a fingerprint card form that is no ...

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NO.:RULE TITLE:

69W-301.002Processing of Applications

PURPOSE AND EFFECT: The proposed rule amendment updates procedures in the processing of applications to reflect statutory changes as a result of Chapters 2013-201 and 2013-202, Laws of Florida. The proposed amendment: 1) strikes a fingerprint card form that is no longer required as a result of fingerprint processing changes in Ch. 2013-201, Laws of Florida, 2) updates procedures for certain branch offices conducting securities transactions to reflect that such offices shall notice file rather than register with the Office of Financial Regulation, as set forth in Ch. 2013-202, Laws of Florida, 3) adopts and incorporates by reference an updated Form ADV-W (11/2010); 4) updates the title of the rule to add "and Notice-Filing", and 5) updates abbreviations and acronyms and other minor formatting changes in the rule for consistency with other rules.

SUMMARY: The proposed rule amendment updates procedures in the processing of applications to reflect statutory changes as a result of Chapters 2013-201 and 2013-202, Laws of Florida. The proposed amendment: 1) strikes a fingerprint card form that is no longer required as a result of fingerprint processing changes in Ch. 2013-201, Laws of Florida, 2) updates procedures for certain branch offices conducting securities transactions to reflect that such offices shall notice file rather than register with the Office of Financial Regulation, as set forth in Ch. 2013-202, Laws of Florida, 3) adopts and incorporates by reference an updated Form ADV-W (11/2010); 4) updates the title of the rule to add "and Notice-Filing", and 5) updates abbreviations and acronyms and other minor formatting changes in the rule for consistency with other rules.

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: 517.03(1), 517.12, 517.1201, 517.1202, 517.081(2), 517.082(4) FS.

LAW IMPLEMENTED: 120.60(1), 517.051 , 517.075, 517.081, 517.082, 517.12, 517.1202, 517.161(5) 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: John Kim, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69W-301.002 Processing of Applications and Notice-Filings.

(1) Forms. Application forms for all license actions covered by these rules may be obtained from the Office of Financial Regulation (Office) at no cost. All applications must be in the format required by the Office of Financial Regulation. Requests for forms should be sent directly to: The Office of Financial Regulation, Division of Securities, 200 East Gaines Street, Tallahassee, Florida 32399-0375.

(2) Electronic Filing of Application and Fee. Applications in the format required by the Office of Financial Regulation, accompanied by the prescribed fee for the requested license action, shall be filed electronically with the Office of Financial Regulation. Forms and fees deemed received are subject to the Office’s Request for Additional Information requirements found in subsection 69W-301.002(3), F.A.C. Application forms and fees shall be filed as follows:

(a) All dealers who are members of the Financial Industry Regulatory Authority (formerly known as the National Association of Securities Dealers) (FINRA) shall file such items through the Central Registration Depository of FINRA (CRD) of the FINRA in accordance with the provisions of Rules 69W-600.001 and 69W-600.0091, F.A.C., as prescribed therein.

(b) All Federal Covered Advisers shall file such items through the Investment Adviser Registration Depository of FINRA (IARD) of the FINRA in accordance with the provisions of Section 517.1201, F.S., and Rule 69W-600.0092, F.A.C.

(c) Investment advisers shall file the required forms and fees with the IARD Investment Adviser Registration Depository (IARD) in accordance with the provisions of Rules 69W-600.001 and 69W-600.0093, F.A.C.

(d) Issuer/dealers shall file the required forms and fees electronically on the Office’s website at www.flofr.com through the Regulatory Enforcement and Licensing (REAL) System of the OFR and shall be deemed received on the date the Office issues a confirmation of submission and payment to the applicant via the Office’s website. A confirmation of submission is issued by the Office upon successful filing of an application and payment of all fees. The Such filings shall be made in accordance with Rules 69W-400.002, 69W-600.001 and 69W-600.004, F.A.C.

(e) Dealers that are not members of FINRA shall file the required forms and fees electronically on the Office’s website at www.flofr.com through the REAL Regulatory Enforcement and Licensing (REAL) System of the OFR and shall be deemed received on the date the Office issues a confirmation of submission and payment to the applicant via the Office’s website. A confirmation of submission is issued by the Office upon successful filing of an application and payment of all fees. The Such filings shall be made in accordance with Rule 69W-600.001, F.A.C.

(f) Canadian dealers shall file the required forms and fees electronically on the Office’s website at www.flofr.com through the REAL Regulatory Enforcement and Licensing (REAL) System of the OFR and shall be deemed received on the date the Office issues a confirmation of submission and payment to the notice-filer applicant via the Office’s website. A confirmation of submission is issued by the Office upon successful filing of the required form an application and payment of all fees. The Such filings shall be made in accordance with Rule 69W-600.0015, F.A.C.

(g) All dealers who are members of FINRA the Financial Industry Regulatory Authority (FINRA) shall file the required form and fee requests for branch office notification registration through the CRD Central Registration Depository (CRD) of the FINRA in accordance with the provisions of Rules 69W-600.004 and 69W-600.0091, F.A.C.

(h) Investment Advisers shall file the required form and fee requests for branch office notification registration through the CRD Central Registration Depository (CRD) of the FINRA in accordance with the provisions of Rules 69W-600.004 and 69W-600.0093, F.A.C.

(i) Issuer/dealers shall file the required form and fee requests for branch office notification registration on the Office’s website at www.flofr.com through the REAL Regulatory Enforcement and Licensing (REAL) System of the OFR and shall be deemed received on the date the Office issues a confirmation of submission and payment to the notice-filer applicant via the Office’s website. A confirmation of submission is issued by the Office upon successful filing of the required form an application and payment of all fees. The Such filings shall be made in accordance with Rule 69W-600.004, F.A.C.

(j) Dealers that are not members of FINRA shall file the required form and fee requests for branch office notification registration electronically on the Office’s website at www.flofr.com through the REAL Regulatory Enforcement and Licensing (REAL) System of the OFR and shall be deemed received on the date the Office issues a confirmation of submission and payment to the notice-filer applicant via the Office’s website. A confirmation of submission is issued by the Office upon successful filing of the required form an application and payment of all fees. The Such filings shall be made in accordance with Rule 69W-600.004, F.A.C.

(k) All dealers who are members of FINRA the Financial Industry Regulatory Authority (FINRA) shall file the required form and fee requests for associated person registration through the CRD Central Registration Depository (CRD) of the FINRA in accordance with the provisions of Rules 69W-600.002 and 69W-600.0091, F.A.C.

(l) Federal covered advisers shall file the required form and fee requests for associated person registration through the CRD Central Registration Depository (CRD) of the FINRA in accordance with the provisions of Rules 69W-600.002 and 69W-600.0092, F.A.C.

(m) Investment advisers shall file the required form and fee requests for associated person registration through the CRD Central Registration Depository (CRD) of the FINRA in accordance with the provisions of Rules 69W-600.002 and 69W-600.0093, F.A.C.

(n) Issuer/dealers shall file the required form and fee requests for associated person registration on the Office’s website at www.flofr.com through the REAL Regulatory Enforcement and Licensing (REAL) System of the OFR and shall be deemed received on the date the Office issues a confirmation of submission and payment to the applicant via the Office’s website. A confirmation of submission is issued by the Office upon successful filing of an application and payment of all fees. The Such filings shall be made in accordance with Rules 69W-600.002 and 69W-600.004, F.A.C.

(o) Dealers that are not members of FINRA shall file the required form and fee requests for associated person registration electronically on the Office’s website at www.flofr.com through the REAL Regulatory Enforcement and Licensing (REAL) System of the OFR and shall be deemed received on the date the Office issues a confirmation of submission and payment to the applicant via the Office’s website. A confirmation of submission is issued by the Office upon successful filing of an application and payment of all fees. The Such filings shall be made in accordance with Rule 69W-600.002, F.A.C.

(p) An applicant for registration of securities pursuant to Section 517.081, F.S., shall file the required forms and fee electronically on the Office’s website at www.flofr.com through the REAL Regulatory Enforcement and Licensing (REAL) System of the OFR and shall be deemed received on the date the Office issues a confirmation of submission and payment to the applicant via the Office’s website. A confirmation of submission is issued by the Office upon successful filing of an application and payment of all fees. The Such filings shall be made in accordance with Rule Chapter 69W-700, F.A.C.

(q) An applicant for notification registration pursuant to Section 517.082, F.S., shall file the required forms and fee electronically on the Office’s website at www.flofr.com through the REAL Regulatory Enforcement and Licensing (REAL) System of the OFR and shall be deemed received on the date the Office issues a confirmation of submission and payment to the applicant via the Office’s website. A confirmation of submission is issued by the Office upon successful filing of an application and payment of all fees. The Such filings shall be made in accordance with Rule Chapter 69W-800, F.A.C.

(3) Request for Additional Information. All information the applicant desires to present in order to support the application should be submitted with the original filing. The required exhibits in the application forms are not intended to limit the applicant‘s presentation of any of the requirements, but merely represent the minimum information to be filed. Additional information shall be submitted within sixty (60) days after a request has been made by the Office of Financial Regulation. Any such request for additional information will be made by the Office of Financial Regulation within thirty (30) days after receipt of the application and the full amount of the prescribed fee for the registration sought. Failure to respond to such request within sixty (60) days after the date of the request may be construed by the Office of Financial Regulation as grounds for denial of an application in accordance with the provisions of Section 120.60(1), F.S.

(4) No change.

(5) Amendment of Application. An applicant may amend the application as to those factors generally within the control or selection of the applicant once, as a matter of course, at any time within thirty (30) days from its receipt for filing. Otherwise, the application may be amended only with prior permission from the Office of Financial Regulation. Requests to make changes which are material to the application or to the Office’s of Financial Regulation’s evaluation of the application filed at any time after the application has been received may be deemed by the Office of Financial Regulation to be grounds for denial, and a new application, accompanied by the appropriate filing fee, may be required.

(6) No change.

(7)(a) The forms referred to in this section below are incorporated by reference and readopted by this rule for the purposes of Rules Rule Chapters 69W-100 through 69W-900, F.A.C.:

1. through 9. No change.

10. Form ADV-W, Notice of Withdrawal from Registration as Investment Adviser (11/2010, effective _________) (3/2008), effective 11-22-10;

11. No change.

12. Form BR, Uniform Branch Office Registration Form (10/2005), effective 3-16-06 3/16/2006;

13. OFR Form DA-5-91, Issuer/Dealer Compliance Form, effective 11-22-10; and

14. Form FL921250Z, Florida Fingerprint Card (5/11/99), effective 11-22-10; and

14. 15. OFR Form CAN, Canadian Dealer Notification, effective 6-10-07.

(b) through (d) No change.

Rulemaking Authority 517.03(1), 517.12, 517.1201, 517.081(2), 517.082(4) FS. Law Implemented 120.60(1), 517.051 ,517.075, 517.081, 517.082, 517.12, 517.1202, 517.161(5) FS. History–Revised and Transferred from 3E-300.01, 9-20-82, Formerly 3E-301.02, Amended 10-15-86, 2-1-87, 12-8-87, 7-29-90, 7-31-91, 6-16-92, 1-10-93, 3-13-94, 10-1-96, 10-23-97, 6-22-98, 6-10-99, 5-7-00, 7-10-02, Formerly 3E-301.002, Amended 3-16-06, 6-10-07, 11-22-10, 4-26-12,_________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Alisa Goldberg, Bureau Chief of Registrations, Division of Securities

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: August 6, 2013

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 16, 2013