Synovus Securities, Inc.; (1) The petition sought the agency's opinion as to the applicability of 69W-600.013(2)(f) (2014), FAC, FINRA Rule 2040(a) and FINRA Rule 2040(a) as it applies to the petitioner and (2) the Petition sought a declaratory ...

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NO.:RULE TITLE:

69W-600.0013Application for Registration as an Issuer/Dealer

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by Synovus Securities, Inc. on May 4, 2016. The following is a summary of the agency’s disposition of the petition:

(1) The petition sought the agency’s opinion as to the applicability of paragraph 69W-600.013(2)(f) (2014), F.A.C., FINRA Rule 2040(a) and FINRA Rule 2040(a) as it applies to the petitioner and (2) the Petition sought a declaratory statement from the Office regarding the ability to share commissions in accordance with FINRA Rule 2040(b) and is requesting an exemption from Florida’s prohibition under paragraph 69W-600.013(2)(f), F.A.C., consistent with the FINRA exception Rule 2040(b). On August 1, 2016, the Office issued a Final Order. (1) Petitioner is not prohibited by rule or statute from creating a “continuing commissions” plan that would enable its Registered Representatives to continue to receive commissions after their retirement from employment with Petitioner; and (2) Petitioner is not required to obtain an exemption from paragraph 69W-600.013(2)(f), Florida Administrative Code.

A copy of the Order Disposing of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail].