June 25, 1992
TO: INVESTMENT ADVISER MEMBERS NO. 31-92
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 23-92
RE: FLORIDA AMENDS REGULATIONS CONCERNING THE DEFINITION OF
"BRANCH OFFICE"
__________________________________________________________
As we previously informed you, the Florida Securities
Division proposed amending its regulations regarding the
definition of "branch office" and its books and recordkeeping
requirements for investment advisers. (See Memorandum to
Investment Advisers Committee No. 13-91, dated April 5, 1991.)
The Securities Division has issued final regulations on this
matter. The regulations, a copy of which is attached, became
effective on June 16, 1992.
The definition of "branch office" has been amended to
include any location in Florida (1) which is owned or controlled
by an investment adviser for purposes of rendering investment
advice and in which two or more associated persons are engaged in
such activities; (2) which has been authorized by an investment
adviser to be listed in any publication or other media, including
a professional digest or telephone directory, as an office of an
investment adviser; or (3) which is designated with the SEC as a
branch office of an investment adviser. Every branch office must
be registered with the Division by August 1, 1992.
The regulations also include a prohibition against any
branch office or associated person from conducting an investment
adviser business under any name other than that of the investment
adviser with which the branch office is registered, unless
certain conditions are satisfied.
Finally, the books and recordkeeping requirements have been
amended to require that certain specified records be maintained
by branch offices and that every associated person of an
investment adviser conducting business from a location other than
that of a registered branch office maintain certain records as
specified therein.
Amy B.R. Lancellotta
Associate Counsel
Attachment