Florida Regulations 69O-143.041: Definitions
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For the purpose of this chapter, the following definitions shall apply (for any terms defined in Florida Statutes § 628.511(2), these definitions are supplementary):
(1) “”Agent”” shall mean a national bank, state bank, trust company or broker/dealer which maintains an account in its name in a clearing corporation or which is a member of the Federal Reserve System and through which a custodian participates in a clearing corporation, including the Treasury/Reserve Automated Debt Entry Securities System (TRADES) or Treasury Direct System, except that with respect to securities issued by institutions organized or existing under the laws of any foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business therein, “”agent”” may include a corporation which is organized or existing under the laws of any foreign country and which is legally qualified under such laws to accept custody of securities.
(2) “”Custodian”” shall mean:
(a) A national bank, state bank, or trust company which shall at all times during which it acts as a custodian pursuant to this chapter be no less than adequately capitalized as determined by the standards adopted by United States banking regulators and that is regulated by either state banking laws or is a member of the Federal Reserve System and which is legally qualified to accept custody of securities in accordance with the standards set forth below;
(b) With respect to securities issued by institutions organized or existing under the laws of any foreign country, or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business therein, “”custodian”” may include a bank or trust company incorporated or organized under the laws of a country other than the United States that is regulated as such by that country’s government or an agency thereof that at all times during which it acts as a custodian pursuant to this chapter be no less than adequately capitalized as determined by the standards adopted by international banking authorities and that is legally qualified to accept custody of securities; or
(c) A broker/dealer that is registered with and subject to jurisdiction of the Securities and Exchange Commission, maintains membership in the Securities Investor Protection Corporation, and has a tangible net worth equal to or greater than two hundred fifty million dollars ($250,000,000).
(3) “”Custodied securities”” means securities held by the custodian or its agent or in a clearing corporation, including the Treasury/Reserve Automated Debt Entry Securities System (TRADES) or Treasury Direct systems.
(4) “”Tangible net worth”” means shareholders equity, less intangible assets, as reported in the broker/dealer’s most recent Annual or Transition Report (S.E.C. Form 10-K) filed with the Securities and Exchange Commission.
(5) “”Treasury/Reserve Automated Debt Entry Securities Systems (TRADES)”” and “”Treasury Direct”” mean the book entry securities systems established pursuant to 31 U.S.C. chapter 31, 12 U.S.C. § 391 and 5 U.S.C. § 301.
Rulemaking Authority 624.308(1), 628.511(1), (4), 628.535 FS. Law Implemented 624.307(1), 628.511 FS. History-New 2-7-85, Formerly 4-66.01, 4-66.001, 4-143.041, Amended 5-13-08.
Terms Used In Florida Regulations 69O-143.041
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
(2) “”Custodian”” shall mean:
(a) A national bank, state bank, or trust company which shall at all times during which it acts as a custodian pursuant to this chapter be no less than adequately capitalized as determined by the standards adopted by United States banking regulators and that is regulated by either state banking laws or is a member of the Federal Reserve System and which is legally qualified to accept custody of securities in accordance with the standards set forth below;
(b) With respect to securities issued by institutions organized or existing under the laws of any foreign country, or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business therein, “”custodian”” may include a bank or trust company incorporated or organized under the laws of a country other than the United States that is regulated as such by that country’s government or an agency thereof that at all times during which it acts as a custodian pursuant to this chapter be no less than adequately capitalized as determined by the standards adopted by international banking authorities and that is legally qualified to accept custody of securities; or
(c) A broker/dealer that is registered with and subject to jurisdiction of the Securities and Exchange Commission, maintains membership in the Securities Investor Protection Corporation, and has a tangible net worth equal to or greater than two hundred fifty million dollars ($250,000,000).
(3) “”Custodied securities”” means securities held by the custodian or its agent or in a clearing corporation, including the Treasury/Reserve Automated Debt Entry Securities System (TRADES) or Treasury Direct systems.
(4) “”Tangible net worth”” means shareholders equity, less intangible assets, as reported in the broker/dealer’s most recent Annual or Transition Report (S.E.C. Form 10-K) filed with the Securities and Exchange Commission.
(5) “”Treasury/Reserve Automated Debt Entry Securities Systems (TRADES)”” and “”Treasury Direct”” mean the book entry securities systems established pursuant to 31 U.S.C. chapter 31, 12 U.S.C. § 391 and 5 U.S.C. § 301.
Rulemaking Authority 624.308(1), 628.511(1), (4), 628.535 FS. Law Implemented 624.307(1), 628.511 FS. History-New 2-7-85, Formerly 4-66.01, 4-66.001, 4-143.041, Amended 5-13-08.