Purpose


The Office of Financial Regulation (OFR) proposes to create new rules, and amend existing rules, under Chapter 69U-140, F.A.C., to implement Ch. 2017-83, Laws of Florida (International Financial Institutions), signed into law on June 9, 2017. The legislation requires the Financial Services Commission to implement some of its provisions by rule. Additionally, the OFR proposes to amend Rule 69U-140.005, F.A.C., to make the surrender of license requirements applicable to all licensed offices of international banking corporations; and amend Rule 69U-140.023, F.A.C., to update the reciprocity requirement. Finally, the OFR proposes to amend Rules 69U-140.002, 140.003, 140.004, 140.005, 140.006, 140.008, 140.015, 140.017, 140.018, 140.019, 140.020, 140.022, 140.023, and 140.120, F.A.C., to update references to revised rules, statutes, and forms, update cites in the rules’ rulemaking authority and law implemented sections, revise language of current rules to create consistency with proposed new rules, and clean-up superfluous language.