Financial Services Institute / Branch Office Registration Issues in the State of Florida
BRANCH OFFICE REGISTRATION ISSUES IN THE STATE OF FLORIDA
Branch Office Registration Issues in the State of Florida
August 19, 2010 Over the past several months, FSI has been working with the state of Florida to improve approval times of broker-dealer and investment adviser branch office applications. Florida regulators recently provided a list of common issues that may delay a branch office application.” FSI is distributing the list to our members in an effort to help firms submit completed applications to the state. In an attempt to further our discussions with the state, FSI is running a pilot program with brokerdealer member firms. We are asking each FSI member firm to certify that they have submitted complete branch office applications to the state of Florida for the months of July and August 2010. We ask that each firm monitor the submission date and approval date (to the extent they submitted new branch office registrations during the month), and report that information to FSI. Our goal is to find out if the delay in processing branch office applications is related to incomplete applications or an inefficient system for processing the applications. At the conclusion of our pilot program, we plan to request a meeting with the state of Florida to share our results and to make recommendations about improvements to their system. We are asking each firm to report their Florida branch office registrations during the month July and August. A seperate e-mail with more details will be sent within the next few weeks. Your participation in this program will help all firms improve the time it takes to open a branch office in the state of Florida. ABOUT
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