Florida Regulations 69C-2.031: Format for Confirmations from Custodians
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(1) A custodian shall, upon request from the Chief Financial Officer, provide confirmation of securities pledged by a Qualified Public Depository, or Operating Subsidiary, if one is used.
(2) All costs associated with the confirmation shall be borne by the Qualified Public Depository or the Operating Subsidiary, if one is used.
(3) The request from the Chief Financial Officer shall be consistent with the information provided in the Public Depository Pledge Agreement, and shall identify the account by the name and location of the Qualified Public Depository, or Operating Subsidiary, is one is used. Account numbers or other special identification cannot be required by the custodian in fulfilling the request unless specified in that agreement.
(4) The custodian shall confirm securities that meet all of the following criteria:
(a) Account name on the records of the custodian is the specified Qualified Public Depository or Operating Subsidiary, if one is used;
(b) Pledged to the Chief Financial Officer of Florida to secure public deposits pursuant to the Florida Security for Public Deposits Act.
(5) Securities meeting any of the following criteria shall not be included:
(a) Recorded under any account name other than the Qualified Public Depository or Operating Subsidiary, if one is used;
(b) Not pledged to the Chief Financial Officer of Florida; or
(c) Pledged for purposes other than to secure public deposits pursuant to the Florida Security for Public Deposits Act.
(6) The custodian shall restrict abbreviations used in the confirmation to those accepted industry wide.
(7) The confirmation information on the securities shall be submitted as requested by the Chief Financial Officer, either in a specified electronic format or on 8.5” by 11” plain white paper, in landscape orientation, using a 10 or 12 pitch font, with bottom center or upper right-hand page numbers. Information shall be listed in columns with headings for the required items.
(8) The confirmation on securities shall contain all of the following items applicable to a specific security type:
(a) Full name and location of Qualified Public Depository, or Operating Subsidiary, if one is used.
(b) The nine-digit CUSIP number identifying the specific security issue.
(c) Complete security description with any pool or class numbers.
(d) Interest rate, with variable rate securities indicated as “”V.””
(e) Maturity date.
(f) Original par/face amount or number of units or shares.
(g) Current par value or number of units or shares.
(h) Totals for the original par/face amount and the current par value columns.
(9)(a) The confirmation shall include the following statement from an authorized person as the custodian:
Securities with a total original par/face value of $___ listed in this confirmation were pledged as of __DATE__ according to the Public Depository Pledge Agreement Form DI4-1001 with __Depository Name___ and __Operating Subsidiary, if used___, for the sole purpose of securing public deposits pursuant to the Florida Security for Public Deposits Act. I declare that I am legally authorized to execute this document on behalf of this organization.
(b) This statement shall be on official stationery of the custodian, and shall include the authorized person’s signature and printed or typed name, title, address, and telephone/fax numbers.
Rulemaking Authority 280.19, 280.041(7) FS. Law Implemented 280.02, 280.04, 280.05 FS. History-New 5-27-97, Formerly 4C-2.031.
Terms Used In Florida Regulations 69C-2.031
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
(3) The request from the Chief Financial Officer shall be consistent with the information provided in the Public Depository Pledge Agreement, and shall identify the account by the name and location of the Qualified Public Depository, or Operating Subsidiary, is one is used. Account numbers or other special identification cannot be required by the custodian in fulfilling the request unless specified in that agreement.
(4) The custodian shall confirm securities that meet all of the following criteria:
(a) Account name on the records of the custodian is the specified Qualified Public Depository or Operating Subsidiary, if one is used;
(b) Pledged to the Chief Financial Officer of Florida to secure public deposits pursuant to the Florida Security for Public Deposits Act.
(5) Securities meeting any of the following criteria shall not be included:
(a) Recorded under any account name other than the Qualified Public Depository or Operating Subsidiary, if one is used;
(b) Not pledged to the Chief Financial Officer of Florida; or
(c) Pledged for purposes other than to secure public deposits pursuant to the Florida Security for Public Deposits Act.
(6) The custodian shall restrict abbreviations used in the confirmation to those accepted industry wide.
(7) The confirmation information on the securities shall be submitted as requested by the Chief Financial Officer, either in a specified electronic format or on 8.5” by 11” plain white paper, in landscape orientation, using a 10 or 12 pitch font, with bottom center or upper right-hand page numbers. Information shall be listed in columns with headings for the required items.
(8) The confirmation on securities shall contain all of the following items applicable to a specific security type:
(a) Full name and location of Qualified Public Depository, or Operating Subsidiary, if one is used.
(b) The nine-digit CUSIP number identifying the specific security issue.
(c) Complete security description with any pool or class numbers.
(d) Interest rate, with variable rate securities indicated as “”V.””
(e) Maturity date.
(f) Original par/face amount or number of units or shares.
(g) Current par value or number of units or shares.
(h) Totals for the original par/face amount and the current par value columns.
(9)(a) The confirmation shall include the following statement from an authorized person as the custodian:
Securities with a total original par/face value of $___ listed in this confirmation were pledged as of __DATE__ according to the Public Depository Pledge Agreement Form DI4-1001 with __Depository Name___ and __Operating Subsidiary, if used___, for the sole purpose of securing public deposits pursuant to the Florida Security for Public Deposits Act. I declare that I am legally authorized to execute this document on behalf of this organization.
(b) This statement shall be on official stationery of the custodian, and shall include the authorized person’s signature and printed or typed name, title, address, and telephone/fax numbers.
Rulemaking Authority 280.19, 280.041(7) FS. Law Implemented 280.02, 280.04, 280.05 FS. History-New 5-27-97, Formerly 4C-2.031.