This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.

On March 16, 2010, the Banking Commissioner entered a Consent Order with respect to Raymond James Financial Services, Inc., a Connecticut-registered broker-dealer having its principal office at 880 Carillon Parkway, St. Petersburg, Florida.  The Consent Order alleged that, in violation of Section 36b-31-6(b) of the Regulations under the Connecticut Uniform Securities Act the firm 1) failed to follow its mutual fund exchange procedures relating to the completion and submission of mutual fund switch letters; and 2) failed to reasonably supervise the activities of an employee who provided inaccurate written statements to the Division concerning mutual fund trades in a Connecticut client’s accounts, which trades were outside their contingent deferred sales charge period.  The Consent Order directed the firm to cease and desist from regulatory violations and to pay $15,000 to the department.  Of that amount, $10,000 constituted an administrative fine and $5,000 would be applied to defray agency investigative costs.