Legislation that would streamline the registration process for broker-dealers and advisors in Florida is one step closer to becoming law, with the state senate following the lower chamber in voting to approve the measure, which now awaits the governor's signature.

The bill, which the senate unanimously approved this week, would make Florida a so-called "notice-filing" state, meaning that remote independent broker-dealers and advisors looking to do business in the Sunshine State would automatically be approved upon filing their registration application.

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