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DFS files regulations 206 & 208

Posted By Robert Treuber, Friday, October 6, 2017
Updated: Friday, October 6, 2017

A few days ago, the Department of Financial Services filed regulations 206 and 208 with the Department of State.  The regulations will be published in the October 18 issue of the State Register. 


These are final regulations and there is no comment period.


Regulation 206 becomes effective October 18, 2017 upon publication. Regulation 208 takes effect 60 days after publication on October 18, 2017.


In the two days since the regulations were filed, I have seen supposedly "bootleg" versions of the final regulations. These document are in wide circulation and they are NOT the final regs.


At best you may be seeing the proposed regs issued in May. Furthermore, I have no way of knowing if other supposed regulation documents are altered as a prank or spoof.


NYSLTA is seeking advance copies so we may advise and enable Members to be in compliance on October 18. Common sense says we need to see the regualtoin to be able to follow it.


I find it inconceivable how a business can be in compliance instantaneously. 


There is no guarantee we can secure copies pf the final regulations before October 18 but if we can, we will advise the Members accordingly.


Until then, be smart and stay focused on your business.





Tags:  DFS  Reg 206  Reg 208 

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