The Florida Senate

517.1201  Notice filing requirements for federal covered advisers.--

(1)  It is unlawful for a person to transact business in this state as a federal covered adviser unless such person has made a notice filing with the department. A notice filing under this section shall consist of a copy of those documents that have been filed or are required to be filed by the federal covered adviser with the Securities and Exchange Commission that the department by rule requires to be filed, together with a consent to service of process and a filing fee of $200. The department may establish by rule procedures for the deposit of fees and the filing of documents to be made through electronic means, if the procedures provide to the department the information and data required by this section.

(2)  A notice filing shall be effective upon receipt. A notice filing shall expire on December 31 of the year in which the filing became effective unless the federal covered adviser has renewed the filing on or before that date. A federal covered adviser may renew a notice filing by furnishing to the department such information that has been filed or is required to be filed with the Securities and Exchange Commission, as the department may require, together with a renewal fee of $200 and the payment of any amount due and owing the department pursuant to any agreement with the department. Any federal covered adviser who has not renewed a notice filing by the time a current notice filing expires may request reinstatement of such notice filing by filing with the department, on or before January 31 of the year following the year the notice filing expires, such information that has been filed or is required to be filed with the Securities and Exchange Commission as may be required by the department, together with the payment of $200 and a late fee equal to $200. Any reinstatement of a notice filing granted by the department during the month of January shall be deemed effective retroactive to January 1 of that year.

(3)  The department may require, by rule, a federal covered adviser who has made a notice filing pursuant to this section to file with the department copies of any amendments filed or required to be filed with the Securities and Exchange Commission.

(4)  The department may issue a permit to evidence the effectiveness of a notice filing for a federal covered adviser.

(5)  A notice filing may be terminated by filing notice of such termination with the department. Unless another date is specified by the federal covered adviser, such notice shall be effective upon its receipt by the department.

(6)  All fees collected under this section become the revenue of the state, except for those assessments provided for under s. 517.131(1) until such time as the Securities Guaranty Fund satisfies the statutory limits, and are not returnable in the event that a notice filing is withdrawn.

History.--s. 7, ch. 98-221.