25.186 Broker-dealers located in this state.
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25.186 Broker-dealers located in this state.
(1)In this section:
(a)“Broker-dealer” has the meaning given in s. 551.102
(4).
(b)“Securities trading brokerage commission” means any commission or fee paid on or for a brokered security transaction, a purchase of a security or any other kind of trade of a security.
(c)“Security” has the meaning given in s. 551.102
(28).
(a)Of the total funds that are expended by the board for securities trading brokerage commissions in any fiscal year, the board shall pay at least 5 percent of the total funds in securities trading brokerage commissions to broker-dealers that are registered under s. 551.406 , that are headquartered in this state and whose principal business operations are located in this state.
(b)For the purpose of satisfying the requirement under par.
(a), the board may not include any securities trading brokerage commissions paid to minority financial advisers and minority investment firms under s. 25.185 .
(3)Annually, no later than September 30, the board shall submit a report to the department of administration documenting the amount of moneys expended in the preceding fiscal year by the board for securities trading brokerage commissions and the amount of moneys paid in the preceding fiscal year for securities trading brokerage commissions to broker-dealers under sub.
(a).