George M. Livingston, a State of Florida registered investment adviser.; The petition sought the agency's opinion as to whether Rule 206(4)-1 of the Investment Advisers Act of 1940 and NASD Rule 2210, including the corresponding sections of the ...

 

DEPARTMENT OF FINANCIAL SERVICES
OIR – Insurance Regulation

NOTICE IS HEREBY GIVEN THAT the Office of Financial Regulation has issued an order that disposes of the petition for declaratory statement that was filed on February 28, 2007, by George M. Livingston, a State of Florida registered investment adviser. The petition sought the agency's opinion as to whether Rule 206(4)-1 of the Investment Advisers Act of 1940 and NASD Rule 2210, including the corresponding sections of the Securities and Investor Protection Act (Chapter 517, Florida Statutes), apply to his ability to give a current client’s e-mail and/or phone number to a potential client to contact that person as a reference.

The Office determined that because Livingston is a state registered investment adviser in Florida and is not a NASD member, NASD Rule 2210 is not applicable to him as a state registered investment adviser and his inquiry was not addressed; the hypothetical situation that he posed is not a prohibited business practice in Florida because it is not a testimonial under Rule 206(4)-1 of the Investment Advisers Act of 1940 or an advertisement under Fla. Admin. Code Rule 69W-200.001(2). Thus, Livingston may provide contact information, as described in the Petition, to a prospective client.

A copy of the order may be obtained from: Lealand McCharen, Assistant General Counsel, Office of Financial Regulation, Office of General Counsel, Fletcher Building, 200 East Gaines Street, Tallahassee, Florida 32399-0379.