Florida Cabinet Meeting Report: October 13

Oct 13, 2009

The Florida Cabinet met in Tallahassee today, October 13, 2009 and took action on items from three state agencies within its purview.  To view the complete Cabinet meeting agenda, click here.  Below is a brief summary of the meeting:


Office of Financial Regulation

Approval was granted to publish a Notice of Proposed Rule for Rule 69W-600.0021 which would create a new regulation pertaining to registration and application requirements for stockbrokers.  The new Rule would impose periods of time during which an applicant would be disqualified from eligibility for registration as a stockbroker based upon criminal convictions, pleas of nolo contendere, or pleas of guilt for crimes involving fraud, dishonesty, or any other act of moral turpitude.


Board of Trustees of the Internal Improvement Trust Fund

The Cabinet approved an application for an after-the-fact modification of an existing 25-year sovereignty lease of submerged Broward County (Fort Lauderdale) land with Hall of Fame Associates, a California Limited Partnership.  The lease modification will increase the designated area from 115,399.54 square feet to 146,978 square feet for an existing 43-slip commercial marina.  An assessment of an additional $14,221.45 as an administrative fine was levied in accordance with Florida Administrative Code.


State Board of Administration  (“SBA”)

The Cabinet approved the publication of a notice of proposed amendments to the following five Rules for the Florida Retirement System’s Investment Plan:

  • 19-11.002:  Beneficiary Designations
  • 19-11.003:  Distributions
  • 19-11.004:  Excessive Trading
  • 19.11.007:  Second Election Enrollment Procedures
  • 19-11.009:   Reemployment After Retirement

The changes in these Rules reflect legislative activity, general rule clean-up, and clarification changes.  A Rule Development Workshop was offered on September 21, 2009, but was not held because it was not requested.  If the SBA Board of Trustees give permission to file the amended rules for Notice, a Rule Hearing will be held on November 16, 2009.

The next Cabinet meeting is scheduled for Tuesday, October 22, 2009.


Should you have any questions or comments, please contact Colodny Fass.


The Florida Financial Services Commission (“FSC”) comprises the Governor and Cabinet (Governor Charlie Crist, Attorney General Bill McCollum, Chief Financial Officer Alex Sink and Commissioner of Agriculture Charles H. Bronson).  The FSC regulates the banking, securities and insurance industries and appoints the officials who oversee the Office of Financial Regulation and the Office of Insurance Regulation, which are administratively housed in the Florida Department of Financial Services, but report directly to the FSC.  For more information on the FSC, click here.

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