State RegulationsFL specificDifficulty 2/5
A Florida firm wants to operate as a securities broker-dealer and an investment adviser. Which office registers and licenses these activities in Florida?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
The Office of Financial Regulation, under the Financial Services Commission, registers securities offerings and licenses securities dealers and investment advisers in Florida and oversees their compliance with the state's securities laws. Insurance agents and agencies, by contrast, are licensed through the Department of Financial Services under the Chief Financial Officer.
Why the other options are wrong
- A) The Office of Insurance Regulation supervises insurers and insurance products, not securities firms.
- C) DFS licenses insurance agents and adjusters; securities firms register with the Office of Financial Regulation.
- D) The Financial Services Commission oversees the OFR; it does not itself register broker-dealers through a panel.
Memory hook
Selling securities in Florida? Register with the OFR.