Page 57 - Akerman | 2016 Guide to Doing Business in Florida

indirect owner or control person required to be reported on Form BD who is not
currently registered in Florida with the firm they are seeking to join or act as a direct or
indirect owner or control person, must submit fingerprint cards in accordance with
69W-600.006(3), F.A.C. and pay the requisite filing fee; (9) when specifically
requested by the Office, full documentation as to affirmative responses to questions
regarding disciplinary action; and (10) when specifically requested by the Office, a
copy of the Articles of Incorporation and amendments thereto, if a partnership, a copy
of the partnership agreement, or if a limited liability company, a copy of the Articles of
Organization.

An associated person of a dealer means any person who for compensation refers,
solicits, offers, or negotiates for the purchase or sale of securities. A person whose
activities fall within this definition is required to register with the Office as an associated
person of a dealer pursuant to Section 517.12(1) of the Act. The Office will not register
any person as an associated person of a dealer, unless the dealer with which the
associated person seeks registration, is lawfully registered with the Office.

(b) Investment Advisor. An investment adviser is generally defined as any person who
receives compensation in the business of advising others as to the value of securities
or as to the advisability of investments in, purchasing of, or selling of securities.
Investment advisers must obtain registration in the states where they conduct
business.

Pursuant to § 517.12(4), Florida Statutes, no investment adviser or associated person
of an investment adviser or federal covered adviser shall engage in business from
offices in the State of Florida, or render investment advice to person of the State of
Florida, by mail or otherwise, unless the investment adviser is registered pursuant to
the provisions of the Act and associated persons of the federal covered adviser or
investment adviser have been registered with the Office pursuant to Section 517.12
of the Act. Federal covered advisers are defined as investment advisers with more
than $100 million in assets under management, and who typically are required to be
registered with the SEC. No federal covered adviser is permitted to engage in
business from offices in the State of Florida, or render investment advice to Florida
residents, unless the federal covered adviser has made a notice filing with the Office
pursuant to Section 517.1201 of the Act.

An application to register as an investment adviser (other than a federal covered
adviser) must include: (1) a Uniform Application for Investment Advisers Registration,
Form ADV; (2) the payment of a statutory fee in the amount of $200; (3) a Uniform
Application for Securities Industry Registration or Transfer, Form U-4; (4) financial
statements and reports as required under Rules 69W-300.002, 69W-600.015, 69W-
600-016 and 69W-600.017, F.A.C.; (5) any direct or indirect owner or control person
required to report on Form ADV, who is not currently registered in Florida with the firm
they are seeking to join or act as a direct or indirect owner or control person, must
submit fingerprint cards in accordance with 69W-600.006(3), F.A.C.; (6) when
specifically requested by the Office, full documentation as to affirmative responses to
questions regarding disciplinary action; and (7) when specifically requested by the
Office, a copy of the Articles of Incorporation and amendments thereto, if a
partnership, a copy of the partnership agreement, or if a limited liability company, a
copy of the Articles of Organization.

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