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Florida Adopts Review of Dealer, Issuer-Dealer, Associated Person and Investment Adviser Applicants' Law Enforcement Records

By Jim Hamilton

The law enforcement records of applicants for dealer, issuer-dealer, associated person and investment adviser registration who have been found guilty of, or who have pled guilty or nolo contendere to, certain crimes will be reviewed by the Office of Financial Regulation to determine their eligibility to register in Florida. Applicants will be disqualified from registration for certain periods based upon criminal convictions, pleas of nolo contendere, or pleas of guilt, whether or not there was an adjudication. Class A crimes (felonies) involving fraud, dishonesty or any other acts of moral turpitude will disqualify applicants from associated person registration for 15 years while Class B crimes (misdemeanors) will disqualify applicants from registration for five years. Disqualification periods may be extended for applicants having committed multiple Class A or B crimes but can also be reduced with mitigating factors. Applicants have the burden to prove they're entitled to register when their disqualifying periods expire.

For more information, please see http://www.flofr.com

Full post as published by Jim Hamilton's World of Securities Regulation on August 30, 2010 (boomark / email).