The proposed changes make conforming changes to the proposed repeal and adoption of certain rules described below. In addition, the changes adopt disciplinary guidelines for violations of sections of the Investment Advisers Act of 1940 currently ...

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NO.:RULE TITLE:

69W-1000.001Disciplinary Guidelines

PURPOSE AND EFFECT: The proposed changes make conforming changes to the proposed repeal and adoption of certain rules described below. In addition, the changes adopt disciplinary guidelines for violations of sections of the Investment Advisers Act of 1940 currently referenced in Rule 69W-600.0131 and incorporated by reference, and make other corrective changes. A copy of the proposed incorporated disciplinary guidelines can be obtained at http://www.flrules.org/Gateway/reference.asp?No=Ref-05076

SUMMARY: The Office proposes to amend the disciplinary guidelines contained in the rule to reflect proposed rule changes to Chapter 69W, F.A.C., including the repeal of Rules 69W-300.002, 600.015, and 600.016, and promulgation of proposed Rules 69W-600.0151 and 69W-600.0161. The changes also adopt disciplinary guidelines for violations of sections of the Investment Advisers Act of 1940 currently referenced in Rule 69W-600.0131 and incorporated by reference, and make other corrective changes. A copy of the proposed incorporated disciplinary guidelines can be obtained at http://www.flrules.org/Gateway/reference.asp?No=Ref-05076.

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 this rule.

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: 517.1611(1), 517.191(4), 517.221(3) 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, [e-mail], [phone]

 

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 “Office of Financial Regulation, Division of Securities, Disciplinary Guidelines for Dealers, Investment Advisers and Associated Persons”, 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-05076 https://www.flrules.org/gateway/reference.asp?NO=Ref-03347.

(2) through (9) No change.

Rulemaking Authority 517.1611(1) FS. Law Implemented 517.1611(1), 517.191(4), 517.221(3) FS. History–New 11-22-10, Amended 11-14-13,         .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Pamela Epting, Director, Division of Securities

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: January 13, 2015

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: November 24, 2014