| Branch Office Registration Issues in the State of Florida |
| August 19, 2010 Over the past several months, FSI has been working with the state of Florida to improve approval times of broker-dealer and investment adviser branch office applications. Florida regulators recently provided a list of “ common issues that may delay a branch office application.” |
| FSI Embarks on State Advocacy Tour |
| July 22. 2010 During the course of this summer, FSI's Advocacy staff has met, or will meet, with key state securities regulators in the following states... |
| FSI Successful in Influencing Michigan Potential Taxation Issue |
| July 15, 2010 Political insiders in Michigan speculated that Governor Jennifer Granholm (D) may expand the state sales tax to apply to services, including financial services, in an effort to raise revenues. On February 11, 2010, FSI sent a letter to key legislators in Michigan explaining the unintended consequences of imposing a state tax on services. |
| State of Florida Common Branch Office Registration Deficiencies |
| July 13, 2010 In an effort to improve registration times for branch offices in the state of Florida, the Florida Office of Financial Regulation has shared with FSI several common branch office registration issues. |
| FSI Urges Michigan Residents to Support IAR Exemption |
| July 15, 2010 On July 13, 2010, FSI issued a Call to Action in Michigan. FSI urged its Financial Advisor members in Michigan to call Majority Floor Leader Kathy Angerer and Speaker Andy Dillon and ask them to support H.B. 6141. |
| FSI Seeks Exemption for Investment Advisers in Michigan |
| July 13, 2010 The Michigan House of Representatives is considering legislation (H.B. 6141) that would exempt certain investment adviser representatives (IARs) from the requirement to sit for the Investment Adviser examination (Series 65 or Series 66), if they meet one of the criteria set out in the bill. |
| FSI Comments on the DOL's 2010 Investment Advice Proposed Rule |
| May 5, 2010 On May 5, 2010, FSI submitted a comment letter in response to the Department of Labor's (DOL) rule proposal related to investment advice to participants and beneficiaries in individual account plans, such as 401(k) plans, and beneficiaries of individual retirement accounts (IRAs).
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| Pennsylvania Considering Sales Tax to “Professional and Technical Services” |
| April 7, 2010 The State of Pennsylvania is predicted to have close to a $1 billion budget deficit by the end of its fiscal year in June 2010. In an effort to raise revenue, Pennsylvania Governor Ed Rendell (D) proposed lowering the sales tax rate by two percentage points and expanding the state sales tax to a number of currently exempted goods and services.
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| California Independent Contractor Withholding Proposal |
| March 17, 2010 In an effort to address California’s severe budget crisis, the state legislature has considered raising funds via an onerous 3% withholding tax on payments to independent contractors by businesses and public agencies. |
| FSI Asks and Receives More Time to Comply with Michigan’s IAR Rules |
| March 17, 2010
The State of Michigan has adopted the Uniform Securities Act (New Act). Under Section 406 of the New Act, Michigan will require the registration of non-exempt investment adviser representatives (IARs) through Form U4 filings with the CRD/IARD System maintained by FINRA.
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| FSI Members and Staff Discuss Disciplinary Rule Proposal with the Chief of Florida’s Bureau of Securities Regulation |
| February 12, 2010 On February 2, 2010, FSI members and staff met by conference call with William Reilly, Chief of the Florida Bureau of Securities Regulation, and his staff to discuss Proposed Rule 69W-1000.001 and the related disciplinary guidelines.
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| FSI Successful in the Defeat of a Proposed Hawaiian Tax on Securities Transactions |
| March 17, 2010 On February 11, 2010, FSI sent a ‘Call to Action’ to its Hawaii-based financial advisor members and broker-dealer CEOs urging them to contact their State Representatives in opposition to HB2882.
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| Michigan May Tax Financial Services to Raise Revenues |
| February 11, 2010 Political insiders in Michigan are speculating that Governor Jennifer Granholm (D) may expand the state sales tax to apply to services, including financial services, in an effort to raise revenues. Several tax proposals have been discussed, but it is unclear at this point if the final plan will include a tax on services.
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| Special Alert - IRS to Audit 6,000 Companies for Independent Contractor Compliance |
| November 5, 2009 The Internal Revenue Service (IRS) has announced plans to audit the tax returns of 6,000 companies in an effort to study compliance with independent contractor classification requirements and other federal tax obligations.
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| NASAA Supports FSI Position on Regulation S-P |
| October 2008 NASAA recently submitted a comment letter regarding the SEC’s proposed amendments to Regulation S-P. In the letter NASAA asks the SEC to revisit the proposed amendments, urging them to allow financial advisors to keep basic contact information for the clients they service.
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| States Adopting NASAA's Model Senior Designation Rule |
| April 2008 On April 1, NASAA announced the release of their Model Rule on the use of senior-specific certifications and professional designations. The model rule prohibits the misleading use of senior and retiree designations while also providing a means by which a securities administrator may recognize the use of certain designations conferred by an accredited organization.
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| Georgia Service Tax Proposal Fails in State Legislature |
| April 2008 FSI actively lobbied against a proposed constitutional amendment in Georgia to eliminate state property taxes and impose a tax on services, including financial services. In the original version of the bill, Georgia Speaker of the House Glenn Richardson wanted to eliminate all property taxes and replace the lost revenue by broadening the sales tax to include more goods and services.
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| FSI Victory - Michigan Use Tax on Advisory Services Repealed! |
| December 3, 2007 On Saturday, December 1, Michigan's governor signed a bill to repeal the onerous and much maligned Michigan Use Tax on investment advisory services. The tax would have placed a burden on advisors and also penalized investors who sought out professional help in planning for their financial future.
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| FSI Victory on NASAA DPP Guidelines |
| 2007 As we reported to you late in 2006, a project group appointed by the North American Securities Administrators Association (NASAA), the trade association for state securities regulators, proposed changes to suitability guidelines used by state securities regulators for reviewing direct participation programs (DPPs).
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