State RegulationsFL specificDifficulty 2/5
While investigating a complaint against a securities firm, the Office of Financial Regulation needs the firm's business records. Which statement about its investigative authority is correct?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under Florida's financial services laws administered by the Office of Financial Regulation, the OFR has authority to investigate the entities it supervises, including issuing subpoenas and examining the books, records, and affairs of banks, lenders, and securities firms. This investigative authority is what makes OFR enforcement of Florida's financial laws possible.
Why the other options are wrong
- A) Voluntary production is not required; the OFR can compel records through its investigative powers.
- C) OFR investigations are not limited to court-filed documents; regulated entities' records are directly examinable.
- D) OFR uses its own examiners and legal process; retaining private accountants is not a prerequisite to obtaining records.
Memory hook
OFR investigations come with subpoena power.