|
PureBytes Links
Trading Reference Links
|
I can't possibly write a complete treatise on Florida registration
requirements - but this is (in part) the relevant statute. I suspect
there are rules and regulations dealing with this. Anyone who thinks he
might have a problem should check with the State of Florida to get those
rules and regulations.
By the way - the states are totally free to pass their own registration
laws which may be more restrictive than the federal laws. And - the way
I read this law (which may be totally incorrect - this is well outside my
area of expertise) is that if you're registered with the CFTC - you're
exempt from the registration requirements. If you're not registered with
the CFTC - you have to comply with the Florida law.
Also by the way - I as a lawyer must be licensed to practice law in every
state where I want to practice (except for the very occasional
out-of-state case - and - even then - I have to be admitted to practice
on a "case-by-case" basis). So you're not going to get any sympathy from
me. If you want to do business in Florida - or do business with Florida
residents - you have to follow the rules. These laws are designed to
protect Florida residents - not to make life easy for the people who are
making money off them. Robyn
> 517.12 Registration of dealers, associated persons, investment
> advisers, and
> branch offices.--
>
> (4) No investment adviser or associated person of an investment
> adviser or federal
> covered adviser shall engage in business from offices in this state,
> or render investment
> advice to persons of this state, by mail or otherwise, unless the
> federal covered adviser
> has made a notice filing with the department pursuant to s. 517.1201
> or the investment
> adviser is registered pursuant to the provisions of this chapter and
> associated persons of
> the federal covered adviser or investment adviser have been
> registered with the
> department pursuant to this section. The department shall not
> register any person or an
> associated person of a federal covered adviser or an investment
> adviser unless the
> federal covered adviser or investment adviser with which the
> applicant seeks
> registration is in compliance with the notice filing requirements of
> s. 517.1201 or is
> lawfully registered with the department pursuant to this chapter. A
> dealer or associated
> person who is registered pursuant to this section may render
> investment advice upon
> notification to and approval from the department.
>
> (5) No dealer or investment adviser shall conduct business from a
> branch office
> within this state unless the branch office is registered with the
> department pursuant to the
> provisions of this section.
>
> (6) A dealer, associated person, investment adviser, or branch
> office, in order to
> obtain registration, must file with the department a written
> application, on a form which
> the department may by rule prescribe, verified under oath. The
> department may establish,
> by rule, procedures for depositing fees and filing documents by
> electronic means
> provided such procedures provide the department with the information
> and data required
> by this section. Each dealer or investment adviser must also file an
> irrevocable written
> consent to service of civil process similar to that provided for in
> s. 517.101. The
> application shall contain such information as the department may
> require concerning such
> matters as...
>
> (19) The registration requirements of this section which apply to
> investment advisers
> and associated persons do not apply to a commodity trading adviser
> who:
>
> (a) Is registered as such with the Commodity Futures Trading
> Commission pursuant to
> the Commodity Exchange Act.
>
> (b) Advises or exercises trading discretion, with respect to
> foreign currency options
> listed and traded exclusively on the Philadelphia Stock Exchange, on
> behalf of an
> "appropriate person" as defined by the Commodity Exchange Act.
>
> The exemption provided in this subsection does not apply to a
> commodity trading
> adviser who engages in other activities that require registration
> under this chapter...
> That might not be true in all states. Last time I looked -
> > Florida didn't have the kind of "de minimus" rule you describe.
> > FWIW - it's important to get the law straight (and the law varies
> > from state to state). In Florida - if you're operating illegally -
> > you may well be liable for all client losses regardless of any
> > fault. Robyn
>
> Good God.
>
> I thought this was centrally regulated by the NFA. Robyn, could you
> please clarify:
>
> * Does each and every state also stick their nose in there, so they
> could have different & more restrictive limits than the NFA?
>
> * Does Florida (and perhaps other states) NOT honor the NFA's "fewer
> than 15 clients" rule? (If so, what registration does FL require
> since the NFA does NOT require a CTA?)
>
> * If you trade for a FL client, have less than 15 clients, and are
> not registered as a CTA (or whateverthehell FL requires), are you
> considered to be "operating illegally" in FL and thus liable for all
> losses?
>
> * Is a CTA required to pore over (or pay attorneys to pore over) the
> laws of each and every freakin' state where the CTA has clients!?!?
>
> Yeesh. What a *mess*.
> Gary
|