Fla. Admin. Code Ann. R. 69W-600.0133 - Use of Senior - Specific Certifications or Senior-Specific Professional Designations by Associated Persons and Investment Advisers
(1) The use of a senior-specific
certification or senior-specific professional designation by any person in
connection with the offer, sale, or purchase of securities, or the provision of
advice as to the value of or the advisability of investing in, purchasing, or
selling securities, either directly or indirectly or through publications or
writings, or by issuing or promulgating analyses or reports relating to
securities, that indicates or implies that the user has special certification
or training in advising or servicing senior citizens or retirees, shall be a
prohibited business practice in the securities industry in violation of Section
517.161(1)(a),
F.S., by an associated person of a dealer or investment adviser. The prohibited
use of such certifications or professional designation includes, but is not
limited to, the following:
(a) Use of a
certification or professional designation by a person who has not actually
earned or is otherwise ineligible to use such certification or
designation;
(b) Use of a
nonexistent or self-conferred certification or professional
designation;
(c) Use of a
certification or professional designation that indicates or implies a level of
occupational qualifications obtained through education, training, or experience
that the person using the certification or professional designation does not
have; and,
(d) Use of a
certification or professional designation that was obtained from a designating
or certifying organization that:
1. Is
primarily engaged in the business of instruction in sales and/or
marketing;
2. Does not have
standards or procedures for assuring the competency of its designees or
certificants;
3. Does not have
standards or procedures for monitoring and disciplining its designees or
certificants for improper or unethical conduct; or
4. Does not have continuing education
requirements for its designees or certificants in order to maintain the
designation or certificate.
(2) There is a rebuttable presumption that a
designating or certifying organization is not disqualified solely for purposes
of paragraph (1)(d) above, when the organization has been accredited by:
(a) The American National Standards
Institute; or
(b) The National
Commission for Certifying Agencies; or
(c) An organization that is on the United
States Department of Education's list entitled "Accrediting Agencies Recognized
for Title IV Purposes" and the designation or credential issued therefrom does
not primarily apply to sales and/or marketing.
(3) In determining whether a combination of
words (or an acronym standing for a combination of words) constitutes a
certification or professional designation indicating or implying that a person
has special certification or training in advising or servicing senior citizens
or retirees, factors to be considered shall include:
(a) Use of one or more words such as
"senior," "retirement," "elder," or like words, combined with one or more words
such as "certified," "registered," "chartered," "adviser," "specialist,"
"consultant," "planner," or like words, in the name of the certification or
professional designation; and,
(b)
The manner in which those words are combined.
(4) For purposes of this rule, a
certification or professional designation does not include a job title within
an organization that is licensed or registered by a state or federal financial
services regulatory agency, when that job title:
(a) Indicates seniority or standing within
the organization; or
(b) Specifies
an individual's area of specialization within the organization.
For purposes of this subsection, financial services regulatory agency includes, but is not limited to, an agency that regulates brokers, dealers, investment advisers, or investment companies as defined under the Investment Company Act of 1940, 15 U.S.C. ยงยง80a-2, 80a-3, which is incorporated by reference in Rule 69W-200.002, F.A.C.
(5) Nothing
in this rule shall limit the Office of Financial Regulation's authority to
enforce existing law.
Notes
Rulemaking Authority 517.03(1), 517.1215(2), 517.1217 FS. Law Implemented 517.1215(2), 517.1217, 517.161 FS.
New 1-18-09, Amended 9-22-14, 3-21-24.
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