Florida Senate - 2007           CONFERENCE COMMITTEE AMENDMENT
    Bill No. CS for SB 1100, 1st Eng.
                        Barcode 772168
                            CHAMBER ACTION
              Senate                               House
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 1                                 .         AD         
                                   .         05/03/2007 17:36:58
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 3         Floor: AD/2R            .                    
       05/03/2007 02:10 PM         .                    
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11  The Conference Committee on CS for SB 1100, 1st Eng.
12  recommended the following amendment:
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14         Conference Committee Amendment (with title amendment) 
15         Delete everything after the enacting clause
16  
17  and insert:  
18         Section 1.  Subsection (10) of section 517.12, Florida
19  Statutes, is amended to read:
20         517.12  Registration of dealers, associated persons,
21  investment advisers, and branch offices.--
22         (10)  An applicant for registration shall pay an
23  assessment fee of $200, in the case of a dealer or investment
24  adviser, or $50 $40, in the case of an associated person. The
25  assessment fee of an associated person shall be reduced to
26  $30, but only after the office determines, by final order,
27  that sufficient funds have been allocated to the Securities
28  Guaranty Fund pursuant to s. 517.1203 to satisfy all valid
29  claims filed in accordance with s. 517.1203(2) and after all
30  amounts payable under any service contract entered into by the
31  office pursuant to s. 517.1204, and all notes, bonds,
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    11:47 PM   04/29/07                                c1100e1d-02

Florida Senate - 2007 CONFERENCE COMMITTEE AMENDMENT Bill No. CS for SB 1100, 1st Eng. Barcode 772168 1 certificates of indebtedness, other obligations, or evidences 2 of indebtedness secured by such notes, bonds, certificates of 3 indebtedness, or other obligations, have been paid or 4 provision has been made for the payment of such amounts, 5 notes, bonds, certificates of indebtedness, other obligations, 6 or evidences of indebtedness. An associated person may be 7 assessed an additional fee to cover the cost for the 8 fingerprint cards to be processed by the office. Such fee 9 shall be determined by rule of the commission. Each dealer and 10 each investment adviser shall pay an assessment fee of $100 11 for each office in this state. Such fees become the revenue of 12 the state, except for those assessments provided for under s. 13 517.131(1) until such time as the Securities Guaranty Fund 14 satisfies the statutory limits, and are not returnable in the 15 event that registration is withdrawn or not granted. 16 Section 2. Sections 517.1203 and 517.1204, Florida 17 Statutes, are repealed. 18 Section 3. Subsection (1) of section 517.131, Florida 19 Statutes, is amended to read: 20 517.131 Securities Guaranty Fund.-- 21 (1)(a) The Chief Financial Officer shall establish a 22 Securities Guaranty Fund. An amount not exceeding 20 percent 23 of all revenues received as assessment fees pursuant to s. 24 517.12(10) and (11) for dealers and investment advisers or s. 25 517.1201 for federal covered advisers and an amount not 26 exceeding 10 percent of all revenues received as assessment 27 fees pursuant to s. 517.12(10) and (11) for associated persons 28 shall be allocated to the fund. An additional amount not 29 exceeding 3.5 percent of all revenues received as assessment 30 fees for associated persons pursuant to s. 517.12(10) and (11) 31 shall be allocated to the Securities Guaranty Fund but only 2 11:47 PM 04/29/07 c1100e1d-02
Florida Senate - 2007 CONFERENCE COMMITTEE AMENDMENT Bill No. CS for SB 1100, 1st Eng. Barcode 772168 1 after the office determines, by final order, that sufficient 2 funds have been allocated to the fund pursuant to s. 517.1203 3 to satisfy all valid claims filed in accordance with s. 4 517.1203(2) and after all amounts payable under any service 5 contract entered into by the office pursuant to s. 517.1204, 6 and all notes, bonds, certificates of indebtedness, other 7 obligations, or evidences of indebtedness secured by such 8 notes, bonds, certificates of indebtedness, or other 9 obligations, have been paid or provision has been made for the 10 payment of such amounts, notes, bonds, certificates of 11 indebtedness, other obligations, or evidences of indebtedness. 12 This assessment fee shall be part of the regular license fee 13 and shall be transferred to or deposited in the Securities 14 Guaranty Fund. 15 (b) If the fund at any time exceeds $1.5 million, 16 transfer allocation of assessment fees to this fund shall be 17 discontinued at the end of that license year, and transfer of 18 such assessment fees shall not be resumed reimposed unless the 19 fund is reduced below $1 million by disbursement made in 20 accordance with s. 517.141. 21 Section 4. Section 517.315, Florida Statutes, is 22 amended to read: 23 517.315 Fees.--All fees and charges of any nature 24 collected by the office pursuant to this chapter shall be 25 disbursed as follows: 26 (1) The office shall transfer the amount of fees 27 required to be deposited into the Securities Guaranty Fund 28 pursuant to s. 517.131; 29 (2) After the transfer required in subsection (1), the 30 office shall transfer $20 of the $50 assessment fee collected 31 from each associated person under s. 517.12(10) and (11) to 3 11:47 PM 04/29/07 c1100e1d-02
Florida Senate - 2007 CONFERENCE COMMITTEE AMENDMENT Bill No. CS for SB 1100, 1st Eng. Barcode 772168 1 the Regulatory Trust Fund; and 2 (3) All remaining fees shall be deposited into the 3 General Revenue Fund., except the fees and charges collected 4 pursuant to s. 517.131, shall be paid into the State Treasury 5 and credited to the General Revenue Fund; and an appropriation 6 shall be made annually of necessary funds for the 7 administration of the provisions of this chapter. 8 Section 5. This act shall take effect July 1, 2007. 9 10 11 ================ T I T L E A M E N D M E N T =============== 12 And the title is amended as follows: 13 Delete everything before the enacting clause 14 15 and insert: 16 A bill to be entitled 17 An act relating to the regulation of securities 18 transactions; amending s. 517.12, F.S.; 19 increasing the registration and filing fees for 20 associated persons; deleting provisions 21 providing for an assessment fee to be allocated 22 to the Securities Guaranty Fund; repealing ss. 23 517.1203 and 517.1204, F.S., relating to the 24 allocation and disbursement of assessment fees 25 and the Investment Fraud Restoration Financing 26 Corporation; amending s. 517.131, F.S.; 27 revising the formula for transferring revenues 28 received as assessment fees into the Securities 29 Guaranty Fund; amending s. 517.315 , F.S.; 30 revising requirements for the Office of 31 Financial Regulation with respect to the 4 11:47 PM 04/29/07 c1100e1d-02
Florida Senate - 2007 CONFERENCE COMMITTEE AMENDMENT Bill No. CS for SB 1100, 1st Eng. Barcode 772168 1 deposit of fees collected under ch. 517, F.S.; 2 providing an effective date. 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 5 11:47 PM 04/29/07 c1100e1d-02