​​​Selection of Qualified Institutions for the Purpose of Investment Transactions

Broward County maintains a list of up to fifteen (15) approved Qualified Institutions for the purpose of investment transactions. In order for a firm to be considered or remain as a Qualified Institution, please familiarize yourself with the requirements and our selection process.

1. Initial Eligibility Determination

   Qualified Institutions must meet one of the following requirements to be eligible to serve the County:

   1. Primary dealers as defined by the Federal Reserve Bank
      
   2. Top 10 Banks by Total Capital that are also Qualified Public Depositories for the State of Florida​, or
   3. Regional dealers (with local preference) that meet all of the following criteria:
      1. Must comply with the SEC mandated Minimum Net Capital Rule 15c3-1;
      2. Must provide their most recent Financial and Operational Combined Uniform Single (FOCUS) report showing a minimum net capital of $10 million on either line 3750 or line 3760 of the Report;
      3. Must have been in continuous business operations for the five (5) years preceding the date of application to be a broker-dealer that is a qualified institution; and
      4. If a banking institution, must be a Qualified Public Depository, as defined in Section 280.02, Florida Statutes.

2. Evaluation Documentation

   If deemed eligible, Qualified Institutions shall supply the County with the following:

   1. Financial capacity and capability documentation:
      1. Most recent Financial and Operational Combined Uniform Single (FOCUS) report,
      2. Proof of Financial Industry Regulatory Authority (FINRA) certification ,
      3. Proof of state registration,
      4. Disclosure of any sanctions/violations (as applicable), and
      5. Any additional information requested by the Finance and Administrative Services Department in evaluating the financial capacity of the institution.
   2. Signed Public Funds Account Authorization to Trade​ (includes a testament to having reviewed the current Investment Policy for Broward County),
   3. Completed Broker-Dealer Questionnaire​.
      

3. Application Window

   The application window opens on July 1 and closes on August 31 every year. Upon completion of the selection process, all applicants will be notified of the status. Once approved, the Qualified Institution may begin conducting business with the County as of October 1 (County’s new fiscal year). However, if the required information is incomplete or not provided by the deadline, the firm will need to reapply during the next application window in order to be considered.

   Note: Broward County may use additional considerations when making the final decision.

   Continuing Compliance

   1. Qualified Institutions shall provide annual updates on the above-noted eligibility criteria,
   2. Immediate notification is required should the institution no longer qualify under the above-stated terms.
   3. Existing Qualified Institutions are reviewed on an annual basis for participation, responsiveness, and service level in determining if they should remain on the list.

   Note: Broward County reserves the right to remove an institution from the list due to nonperformance at any time.

4. Contact Information

   The questionnaire and all required information may be submitted electronically or mailed to:

   The Finance and Administrative Services Department
   115 South Andrews Avenue, Room 513
   Fort Lauderdale, FL 33301-4803
   finance@broward.org (Use subject line: Qualified Institution Application – name of your firm)

   For any questions, please contact the Finance and Administrative Services Department at:

   Phone: 954-357-7130
   Fax: 954-357-7134
   email: finance@broward.org