Senate Bill sb1100c1
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Florida Senate - 2007 CS for SB 1100
By the Committee on General Government Appropriations; and
Senator Alexander
601-2190-07
1 A bill to be entitled
2 An act relating to the regulation of securities
3 transactions; amending s. 517.12, F.S.;
4 increasing the registration and filing fees for
5 dealers and investment advisers who deal or
6 trade in securities; deleting provisions
7 providing for an assessment fee to be allocated
8 to the Securities Guaranty Fund; increasing the
9 fees imposed for making or renewing a notice
10 filing; amending s. 517.1201, F.S.; increasing
11 the filing fees and late fees for federal
12 covered advisers who engage in certain
13 securities transactions; repealing ss. 517.1203
14 and 517.1204, F.S., relating to the allocation
15 and disbursement of assessment fees and the
16 Investment Fraud Restoration Financing
17 Corporation; amending s. 517.131, F.S.;
18 revising the formula for transferring revenues
19 received as assessment fees into the Securities
20 Guaranty Fund; amending s. 517.315 , F.S.;
21 revising requirements for the Office of
22 Financial Regulation with respect to the
23 deposit of fees collected under ch. 517, F.S.;
24 providing an effective date.
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26 Be It Enacted by the Legislature of the State of Florida:
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28 Section 1. Subsection (10) and paragraphs (b) and (e)
29 of subsection (17) of section 517.12, Florida Statutes, are
30 amended to read:
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Florida Senate - 2007 CS for SB 1100
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1 517.12 Registration of dealers, associated persons,
2 investment advisers, and branch offices.--
3 (10) An applicant for registration shall pay an
4 assessment fee of $250 $200, in the case of a dealer or
5 investment adviser, or $70 $40, in the case of an associated
6 person. The assessment fee of an associated person shall be
7 reduced to $30, but only after the office determines, by final
8 order, that sufficient funds have been allocated to the
9 Securities Guaranty Fund pursuant to s. 517.1203 to satisfy
10 all valid claims filed in accordance with s. 517.1203(2) and
11 after all amounts payable under any service contract entered
12 into by the office pursuant to s. 517.1204, and all notes,
13 bonds, certificates of indebtedness, other obligations, or
14 evidences of indebtedness secured by such notes, bonds,
15 certificates of indebtedness, or other obligations, have been
16 paid or provision has been made for the payment of such
17 amounts, notes, bonds, certificates of indebtedness, other
18 obligations, or evidences of indebtedness. An associated
19 person may be assessed an additional fee to cover the cost for
20 the fingerprint cards to be processed by the office. Such fee
21 shall be determined by rule of the commission. Each dealer and
22 each investment adviser shall pay an assessment fee of $100
23 for each office in this state. Such fees become the revenue of
24 the state, except for those assessments provided for under s.
25 517.131(1) until such time as the Securities Guaranty Fund
26 satisfies the statutory limits, and are not returnable in the
27 event that registration is withdrawn or not granted.
28 (17)
29 (b) A notice filing under this subsection must consist
30 of documents the commission by rule requires to be filed,
31 together with a consent to service of process and a
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Florida Senate - 2007 CS for SB 1100
601-2190-07
1 nonrefundable filing fee of $250 $200. The commission may
2 establish by rule procedures for the deposit of fees and the
3 filing of documents to be made by electronic means, if such
4 procedures provide the office with the information and data
5 required by this section.
6 (e) A notice filing is effective upon receipt by the
7 office. A notice filing expires on December 31 of the year in
8 which the filing becomes effective unless the Canadian dealer
9 has renewed the filing on or before that date. A Canadian
10 dealer may annually renew a notice filing by furnishing to the
11 office such information as the office requires together with a
12 renewal fee of $250 $200 and the payment of any amount due and
13 owing the office pursuant to any agreement with the office.
14 Any Canadian dealer who has not renewed a notice filing by the
15 time a current notice filing expires may request reinstatement
16 of such notice filing by filing with the office, on or before
17 January 31 of the year following the year the notice filing
18 expires, such information as the commission requires by rule,
19 together with the payment of $250 $200 and a late fee of $250
20 $200. A reinstatement of a notice filing granted by the office
21 during the month of January is effective retroactively to
22 January 1 of that year.
23 Section 2. Subsections (1) and (2) of section
24 517.1201, Florida Statutes, are amended to read:
25 517.1201 Notice filing requirements for federal
26 covered advisers.--
27 (1) It is unlawful for a person to transact business
28 in this state as a federal covered adviser unless such person
29 has made a notice filing with the office. A notice filing
30 under this section shall consist of a copy of those documents
31 that have been filed or are required to be filed by the
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Florida Senate - 2007 CS for SB 1100
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1 federal covered adviser with the Securities and Exchange
2 Commission that the Financial Services Commission by rule
3 requires to be filed, together with a consent to service of
4 process and a filing fee of $250 $200. The commission may
5 establish by rule procedures for the deposit of fees and the
6 filing of documents to be made through electronic means, if
7 the procedures provide to the office the information and data
8 required by this section.
9 (2) A notice filing shall be effective upon receipt.
10 A notice filing shall expire on December 31 of the year in
11 which the filing became effective unless the federal covered
12 adviser has renewed the filing on or before that date. A
13 federal covered adviser may renew a notice filing by
14 furnishing to the office such information that has been filed
15 or is required to be filed with the Securities and Exchange
16 Commission, as the Financial Services Commission or office may
17 require, together with a renewal fee of $250 $200 and the
18 payment of any amount due and owing the office pursuant to any
19 agreement with the office. Any federal covered adviser who has
20 not renewed a notice filing by the time a current notice
21 filing expires may request reinstatement of such notice filing
22 by filing with the office, on or before January 31 of the year
23 following the year the notice filing expires, such information
24 that has been filed or is required to be filed with the
25 Securities and Exchange Commission as may be required by the
26 Financial Services Commission or office, together with the
27 payment of $250 $200 and a late fee equal to $250 $200. Any
28 reinstatement of a notice filing granted by the office during
29 the month of January shall be deemed effective retroactive to
30 January 1 of that year.
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Florida Senate - 2007 CS for SB 1100
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1 Section 3. Sections 517.1203 and 517.1204, Florida
2 Statutes, are repealed.
3 Section 4. Subsection (1) of section 517.131, Florida
4 Statutes, is amended to read:
5 517.131 Securities Guaranty Fund.--
6 (1)(a) The Chief Financial Officer shall establish a
7 Securities Guaranty Fund. An amount not exceeding 20 percent
8 of all revenues received as assessment fees pursuant to s.
9 517.12(10) and (11) for dealers and investment advisers or s.
10 517.1201 for federal covered advisers and an amount not
11 exceeding 10 percent of all revenues received as assessment
12 fees pursuant to s. 517.12(10) and (11) for associated persons
13 shall be allocated to the fund. An additional amount not
14 exceeding 3.5 percent of all revenues received as assessment
15 fees for associated persons pursuant to s. 517.12(10) and (11)
16 shall be allocated to the Securities Guaranty Fund but only
17 after the office determines, by final order, that sufficient
18 funds have been allocated to the fund pursuant to s. 517.1203
19 to satisfy all valid claims filed in accordance with s.
20 517.1203(2) and after all amounts payable under any service
21 contract entered into by the office pursuant to s. 517.1204,
22 and all notes, bonds, certificates of indebtedness, other
23 obligations, or evidences of indebtedness secured by such
24 notes, bonds, certificates of indebtedness, or other
25 obligations, have been paid or provision has been made for the
26 payment of such amounts, notes, bonds, certificates of
27 indebtedness, other obligations, or evidences of indebtedness.
28 This assessment fee shall be part of the regular license fee
29 and shall be transferred to or deposited in the Securities
30 Guaranty Fund.
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Florida Senate - 2007 CS for SB 1100
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1 (b) If the fund at any time exceeds $1.5 million,
2 transfer allocation of assessment fees to this fund shall be
3 discontinued at the end of that license year, and transfer of
4 such assessment fees shall not be resumed reimposed unless the
5 fund is reduced below $1 million by disbursement made in
6 accordance with s. 517.141.
7 Section 5. Section 517.315, Florida Statutes, is
8 amended to read:
9 517.315 Fees.--All fees and charges of any nature
10 collected by the office pursuant to this chapter shall be
11 disbursed as follows:
12 (1) The office shall transfer the amount of fees
13 required to be deposited into the Securities Guaranty Fund
14 pursuant to s. 517.131;
15 (2) After the transfer required in subsection (1), the
16 office shall transfer 50 percent of the remaining fees and
17 charges to the General Revenue Fund; and
18 (3) All remaining fees shall be deposited into the
19 Regulatory Trust Fund. Such funds shall be used to pay the
20 office's administrative costs related to its duties and
21 responsibilities under this chapter., except the fees and
22 charges collected pursuant to s. 517.131, shall be paid into
23 the State Treasury and credited to the General Revenue Fund;
24 and an appropriation shall be made annually of necessary funds
25 for the administration of the provisions of this chapter.
26 Section 6. This act shall take effect July 1, 2007.
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Florida Senate - 2007 CS for SB 1100
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1 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
2 Senate Bill 1100
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4 Increases the registration, renewal, and late fees of dealer
and investment adviser firms from $200 to $250. Increases the
5 fee for persons associated with dealers and firms from $30 to
$70.
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Provides for the distribution of securities transaction fees
7 to the General Revenue Fund and the Regulatory Trust Fund
within the Office of Financial Regulation.
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