State of Florida Offers Relief for Office Locations Affected by Hurricane Irma

On September 12, 2017, the Florida Office of Financial Regulation (“OFR”) issued an Emergency Order granting relief from certain provisions of Chapter 517, Florida Statutes to expedite the recovery and service the financial needs of communities affected by Hurricane.

The relief will last for a period of 30 days unless terminated sooner by the Commissioner of OFR.

The Emergency Order grants relief to locations in the State of Florida that are currently registered or notice filed (as branch offices) pursuant to Chapter 517.12(5) and 517.1202, Florida Statutes, that have suffered damage or outages as a result of Hurricane Irma:

  • Section 517.12(5), F.S., is hereby suspended.
  • Section 517.1202, F.S. is hereby suspended.
  • Rules 69W-600.0031(3) and 69W-600.0032(2), 69W-600.0033(2) and 69W-600.0034(2) A.C., are hereby modified to state:

If Hurricane Irma impacts the dealer’s, issuer/dealer’s, or investment adviser’s operations such that the dealer, issuer/dealer, or investment adviser plans to relocate displaced personnel to a temporary location that is not currently notice-filed as a branch office or identified as a regular non-branch location, the dealer, issuer/dealer, or investment adviser should use its best efforts to provide written notification to the OFR, Division of Securities, as soon as possible, but not later than five (5) days, after establishing a new temporary office or space-sharing arrangement due to this emergency. The notice should include the following information:

  • the office address,
  • the entities involved,
  • the names of registered personnel,
  • a contact telephone number and,
  • if possible, the expected duration.

The notification should also indicate the type of business that the firm providing the space is engaged in (e.g., an organization in a security or some other kindred business). In instances where a non-branch location or branch office has been relocated or customer calls are being rerouted to another office location, the dealer, issuer/dealer, or investment adviser should exercise due diligence in validating the identity of the customer as well as provide heightened supervision of the affected customer accounts.

This information may be sent by electronic mail to Director, Division of Securities, Lee Kell at lee.kell@flofr.com.

 

Should you have any questions on the emergency order or need assistance in filing the above information please do not hesitate to complete our Contact Form or call us at (804) 965-5400 and one of our Relationship Managers will be happy to help you.

 

 

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