The purpose and effect is to implement new section 517.34, Florida Statutes, and incorporate by reference new Form OFR-DLY, Notification of Delay of Disbursement/Transaction from Account of Specified Adult.

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NO.:RULE TITLE:

69W-600.0141Notification of Delay of Disbursement/Transaction from Account of Specified Adult

PURPOSE AND EFFECT: The purpose and effect is to implement new section 517.34, Florida Statutes, and incorporate by reference new Form OFR-DLY, Notification of Delay of Disbursement/Transaction from Account of Specified Adult.

SUMMARY: The proposed rule implements section 517.34, Florida Statutes, and incorporates by reference Form OFR-DLY, Notification of Delay of Disbursement/Transaction from Account of Specified Adult. Form OFR-DLY shall be used by any dealer or investment adviser who delays a disbursement or transaction of funds or securities from an account of a specified adult, as defined in section 517.34, Florida Statutes, or an account for which a specified adult is a beneficiary or beneficial owner to notify the Office of Financial Regulation of the delay or extension of a delay.

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:

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), 517.34(3), (4) FS.

LAW IMPLEMENTED: 517.34 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-600.0141 Notification of Delay of Disbursement/Transaction from Account of Specified Adult

Any dealer or investment adviser who delays a disbursement or transaction of funds or securities from an account of a specified adult or an account for which a specified adult is a beneficiary or beneficial owner shall, not later than three (3) business days after the date on which the delay was first placed or extension of the delay applied, notify the Office of the delay or extension of the delay by submitting Form OFR-DLY, Notification of Delay of Disbursement/Transaction from Account of Specified Adult, effective XXXX. A sample form is hereby incorporated by reference and available at  http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX.

Rulemaking Authority 517.03(1), 517.034(3), (4) FS. Law Implemented 517.34 FS. History–New______.

 

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

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 22, 2020

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: June 24, 2020