Notice-Filing and Requirements for Florida Intrastate Crowdfunding Issuers, Registration of Florida Intrastate Crowdfunding Intermediaries, Requirements for Florida Intrastate Crowdfunding Intermediaries
DEPARTMENT OF FINANCIAL SERVICES
RULE NOS.:RULE TITLES:
69W-600.0018Notice-Filing and Requirements for Florida Intrastate Crowdfunding Issuers
69W-600.0019Registration of Florida Intrastate Crowdfunding Intermediaries
69W-600.0145Requirements for Florida Intrastate Crowdfunding Intermediaries
NOTICE OF CHANGE
Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 41 No. 191, October 1, 2015 issue of the Florida Administrative Register.
Following comments made at a public hearing held on October 26, 2015, and comments made by the Joint Administrative Committee, the following amendments are made to the rules:
Rule 69W-600.0018, F.A.C.
(1) No change.
(a) No change.
(b) No change.
1. Form FL-CI (10/15). A sample form (which includes its instructions, which define certain terms in Section 517.0611, F.S.) is hereby incorporated by reference and available at http://www.flrules.org/___/ or http://www.flofr.com/___ /. The accompanying instructions to Form FL-CI, which define certain terms in Section 517.0611, F.S., are hereby incorporated by reference as part of this rule.
2. No change.
a. No change.
b. No change.
c. No change.
3. 2. Statutory fee in the amount required by Section 517.0611(5), F.S.
(2) through (4) No change.
(5) Disclosure statement. Certain terms used in Section 517.0611(7), F.S., regarding the disclosure statement required to be provided by the issuer, are defined in Preparing a Disclosure Statement for a Florida Intrastate Crowdfunding Offering Pursuant to Section 517.0611, Florida Statutes (Supplement CI). Supplement CI (10/15) is hereby incorporated by reference as part of this rule and is available at http://www.flrules.org/_____/ or http://www.flofr.com/____/.
Rule 69W-600.0019, F.A.C.
(1) No change.
(a) Applicants for initial registration of intermediaries shall file the Registration of Crowdfunding Intermediary Application Application for Crowdfunding Intermediary Registration (Form FL-INT) electronically on the Office of Financial Regulation’s website at https://real.flofr.com through the Regulatory Enforcement and Licensing (REAL) System. The application shall include all information required by such form, any other information the Office may require, and payment of the statutory fees required by Section 517.12(20), F.S. The application shall be deemed received on the date the Office issues a confirmation to the applicant of submission and payment via the Office’s website. Every application or amendment filed pursuant to this rule shall constitute a “written application” within the meaning of Section 517.12(20), F.S.
(b) No change.
1. Form FL-INT (10/15) A sample form (which includes its instructions, which define certain terms in Section 517.12(20), F.S.) is hereby incorporated by reference and available at http://www.flrules.org/___/ or http://www.flofr.com/___ /. The accompanying instructions to Form FL-INT, which define certain terms in Section 517.12(20), F.S., are hereby incorporated by reference as part of this rule;
2. No change.
3. Documentation required to be uploaded in PDF form to the REAL System as part of the application, including a copy of the applicant’s articles of incorporation, if a corporation, or articles of organization, if a limited liability company, or partnership agreement, if a partnership, pursuant to Section 517.12(20)(a)2., F.S.;
4. No change.
(2) No change.
(3) Amendment of Application. Pursuant to Section 517.12(20)(c), F.S. if the information contained in any application for registration as an intermediary or in any amendment thereto, becomes inaccurate for any reason, the intermediary shall file an amendment on the Form FL-INT, correcting such information within 30 days. An applicant may amend the application as to those factors generally within the control or selection of the applicant once, as a matter of course, at any time within thirty (30) days from its receipt for filing. Otherwise, the application may be amended only with prior permission from the Office. Applicants and registrants shall file such amendments directly with the Office electronically through the REAL System. If an amendment requires additional review by the Office, and the Office’s additional review cannot be completed before the 90-day time period of Section 120.60(1), F.S., the application shall be subject to Requests to make changes which are material to the application or to the Office’s evaluation of the application filed at any time after the application has been received may be deemed by the Office to be grounds for denial, and a new application, accompanied by the appropriate filing fee, may be required.
(4) through (6) No change.
(7) No change.
(a) Notify the Office within thirty (30) calendar days of the date a complaint is served, of any civil, criminal or administrative charges filed against the firm or owner which directly or indirectly relate to the registration or sale of securities, or which directly or indirectly relate to the activities as a dealer, investment adviser, principal or agent, or any other activity where a breach of a fiduciary trust is alleged. This shall not include minor traffic violations; but shall include any notification of investigation by any recognized regulatory agency; and
(b) Notify the Office within thirty (30) calendar days of the date filed, any answer or reply to any complaint filed as outlined in paragraph (7)(a);
(b)(c) Notify the Office within thirty (30) calendar days of the date of decision, order, or sanction rendered, or any appeal filed with respect to such decision with regard to any complaint outlined in paragraph (7)(10)(a).
(c)(d) File with the Office one (1) copy of such complaint, answer or reply, decision, order, or sanction at the time of notification in accordance with paragraphs (7)(a), (7)(b), and (7)(c). An intermediary shall file Ssuch notifications shall be filed with the Office through the REAL System in accordance with subsection (3) of this rule. When specifically requested by the Office pursuant to Section 517.021, F.S., one (1) copy of such complaint, answer or reply to any complaint, decision, order, or sanction shall be filed directly with the Office. Responses to requests by the Office for additional information shall be filed directly with the Office.
Rule 69W-600.0145, F.A.C.
69W-600.0145 69W-600.00145 Requirements for Florida Intrastate Crowdfunding Intermediaries.
(1) through (3) No change.
