Purpose


The Office proposes to amend Rules 69W-600.012, .013, .0131, and .014, F.A.C., to update references to repealed rules. Additionally, the Office proposes to amend Rule 69W-600.014, F.A.C., in order to amend recordkeeping requirements for investment advisers and their associated persons, to add a requirement for investment advisers to maintain a copy of each invoice the investment adviser sends to its clients each time an advisory fee is deducted from clients’ accounts; remove superfluous rule language; and add a requirement for investment advisers and associated persons to preserve for the life of the client’s account, and not less than 5 years after the closing of the client’s account, a copy of investment advisory agreements and the written information about each investment advisory client that is the basis for making any recommendation or providing any investment advice to such client. Lastly, the Office proposes to amend Rule 69W-600.0131, F.A.C., in order to add “charging a customer an advisory fee greater than the amount authorized in the written investment advisory contract between the customer and the investment advisor” as a prohibited business practice for investment advisers and their associated persons. This amendment will give the Office enforcement authority over advisers who are over-charging customers.