Continued from page 54
level, so long as the transaction ultimately consummated complies with
both of these two sets of rules.
Now that this clarification has been provided, some securities license
holders have explored the benefits of giving up their federal broker-
dealer and state broker registrations. In addition to its extra compliance
costs, registration also attracts a Securities Investor Protection
Corporation charge equal to 15 basis points of the broker-dealer’s net
operating revenue.
While the securities regulations are costly, the alternative, registering
with the Department of Professional Responsibility as a real estate
brokerage company under chapter 475, Florida
Statutes, has its own hassles. Any firm offering
business brokerage services in Florida that is not a
registered broker-dealer or a registered real estate
brokerage company commits a third-degree felony.
It is therefore worth verifying that any broker
proposing to work with your clients is correctly
registered in one of these two manners.
Author: Clinton Johnson – Benchmark International
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