22575409, 69C-2.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 22575409

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Treasury

Chapter:

PROCEDURES FOR ADMINISTERING THE FLORIDA SECURITY FOR PUBLIC DEPOSITS ACT

Overview

RULE:

69C-2.001	Purpose
69C-2.002	Scope
69C-2.004	Definitions
69C-2.005	Qualifications for Participation by Banks and Savings Associations
69C-2.006	Administration of Collateral Requirements
69C-2.007	Eligible Collateral Criteria and Restrictions
69C-2.009	Forms
69C-2.0095	Electronic Data Transmission of Information, Reports, and Forms
69C-2.010	Additional Reports and Inspections
69C-2.011	Interim Reports by the Chief Financial Officer
69C-2.021	Assessment Calculation
69C-2.022	Requirements of Public Depositors
69C-2.024	Criteria and Guidelines to be Used by the Chief Financial Officer in Administering and Protecting the Integrity of the Public Deposits Program
69C-2.026	Administration of Payment of Losses
69C-2.027	Effective Date of Withdrawal Due to an Acquisition or Merger
69C-2.028	Ownership of Collateral by an Operating Subsidiary of the Qualified Public Depository
69C-2.029	Authorized Agent
69C-2.030	Use of Agents by Custodians of Collateral
69C-2.031	Format for Confirmations from Custodians
69C-2.032	Execution of Forms, Proof of Authorization

PURPOSE:

The rule chapter is being amended to update the rules and related forms that provide guidance regarding procedures, requirements, and qualifications of banks and savings associations participating as qualified public depositories (“QPDs”) in the state, pursuant to chapter 280, F.S. The proposed rules have been streamlined to improve organization and efficiency in the administration of the rule chapter. The rulemaking provides expanded guidance and criteria regarding a QPD’s request for consideration of hardship claims that may result in the adjustment of a QPD’s current pledge of collateral. The rulemaking also provides that in cases where a non-qualified depository acquires, merges or consolidates with a QPD, the grace period under which the resulting entity is automatically approved as a QPD is increased from thirty (30) days to (90) days. Changes have also been made to the filing and reporting requirements for any such resulting entity seeking to withdraw from participation as a QPD. Additionally, the rulemaking deletes an existing rule, clarifies, updates and deletes certain existing definitions, adds new definitions, updates existing forms, adds new forms, and provides electronic links to the Division’s website.

SUBJECT:

Amendments to Rule Chapter 69C-2, F.A.C.

RULEMAKING AUTHORITY:

280.13(2), (5), 280.19, 280.041(7) FS.

LAW:

175.301, 185.30, 280, 280.01-.05, 280.02, 280.02(11), 280.04, 280.04(1), 280.04(4), 280.05, 280.05(6), 280.05(16), 280.05(19), 280.016, 280.016(1)(b), 280.0016(1)(b), 280.07, 280.08, 280.08(3), 280.085, 280.09, 280.09(2), 280.10, 280.11, 280.13, 280.16, 280.17, 280.17(1)(b), 280.18, 280.19, 631.221, FS.

PRINT PUBLISH DATE:

11/6/2019 Vol. 45/217

RELATED STATUTES
AND LAWS:

280.13(2), (5), 280.19, 280.041(7) FS., 175.301, 185.30, 280, 280.01-.05, 280.02, 280.02(11), 280.04, 280.04(1), 280.04(4), 280.05, 280.05(6), 280.05(16), 280.05(19), 280.016, 280.016(1)(b), 280.0016(1)(b), 280.07, 280.08, 280.08(3), 280.085, 280.09, 280.09(2), 280.10, 280.11, 280.13, 280.16, 280.17, 280.17(1)(b), 280.18, 280.19, 631.221, FS.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://www.flrules.org/gateway/ruleno.asp?id=69C-2.001&PDate=11/6/2019&Section=1

REFERENCE MATERIALS:

No reference(s).

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