69W-400.001: Rules for Eleemosynary and Religious Organizations Under the Requirements of Section 517.051(9), F.S
69W-400.003: Rules for Government Securities Under Section 517.051(1), F.S
PURPOSE AND EFFECT: Chapter 2006-213, Laws of Florida, contains amendments to Chapter 517, Florida Statutes, relating to the Florida Securities and Investors Protection Act. This law contains a number of provisions relating to the licensing and regulatory functions of the Office of Financial Regulation. Among other things, the law amends provisions concerning licensing, notice filings, and other regulatory provisions in the area of securities regulation. The proposed rules implement and reflect the statutory changes. In particular, the proposed rules provide that financial statements must be prepared in accordance with United States Generally Accepted Accounting Principles (GAAP).
SUBJECT AREA TO BE ADDRESSED: Florida Securities and Investors Protection Act.
SPECIFIC AUTHORITY: 517.03, 517.051 FS.
LAW IMPLEMENTED: 517.051, 517.12 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE WEEKLY.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Pam Epting, Bureau Chief, Office of Financial Regulation, 200 East Gaines Street, 6th Floor, The Fletcher Building, Tallahassee, Florida 32399-0375, (850)410-9805
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
69W-400.001 Rules for Eleemosynary and Religious Organizations Under the Requirements of Section 517.051(9), F.S.
The requirement of Section 517.051(9), F.S., that no persons shall directly or indirectly offer or sell securities under this section except by an offering circular containing full and fair disclosure shall be deemed satisfied if the following information is contained in the offering circular which is provided to each offeree prior to sale.
(1) In the case of an offering not in excess of $250,000 of securities in reliance upon the exemption:
(a) through (g) No change.
(h) The following financial statements of the issuer prepared in conformance with generally accepted accounting principals:
1. A balance sheet and statement of profit and loss as of a date not earlier than the end of the last fiscal year of the issuer; provided, however, that if the last fiscal year shall have ended within 90 days of the date of the circular in which such data is to be included, such data may be supplied as of a date not earlier than the end of the fiscal year preceding the last fiscal year of the issuer;
2. If the balance sheet and statement of profit and loss included in an offering circular pursuant to subparagraph 1. above are as of a date 120 days prior to the date of the offering circular in which such data are included, sales and net income information as of a date not earlier than 90 days prior to the date of the offering circular shall be included.
(2) In the case of an offering in excess of $250,000 of securities in reliance upon the exemption:
(a) through (y) No change.
(z) The following financial statements of the issuer prepared in conformance with
1. A balance sheet and statement of profit and loss as of a date not earlier than the end of the last fiscal year of the issuer; provided, however, that if the last fiscal year shall have ended within 90 days of the date of the circular in which such data is to be included, such data may be supplied as of a date not earlier than the end of the fiscal year preceding the last fiscal year of the issuer.
2. If the balance sheet and statement of profit and loss included in an offering circular pursuant to subparagraph 1. above are as of a date 120 days prior to the date of the offering circular in which such data are included, sales and net income information as of a date not earlier than 90 days prior to the date of the offering circular shall be included.
(3) through (4) No change.
Specific Authority 517.03(1) FS. Law Implemented 517.051(9), 517.12(2) FS. HistoryNew 12-5-79, Amended 9-20-82, Formerly 3E-400.01, Amended 10-14-90, Formerly 3E-400.001, Amended_________.
69W-400.003 Rules for Government Securities Under Section 517.051(1), F.S.
For purposes of the exemption of Section 517.051(1), F.S., any issuer or guarantor of securities which are or have been in default shall be deemed to have satisfied the requirement of full and fair disclosure, thereby entitling the securities issued or guaranteed by such person to the exemption granted therein, if the following information is contained in an offering circular provided to each offeree prior to any sale of such securities:
(1) A description of each and every default by the issuer and guarantor including:
(a) through (g) No change.
(h) Financial statements for the last two (2) fiscal years prepared and presented in accordance with Principals as adopted by the American Institute of Certified Public Accountants and in existence on June 1, 1992. Such statements shall additionally have been audited by an independent governmental audit organization or by an independent certified public accountant; and
(i) No change.
(2) No change.
Specific Authority 517.03(1), 517.051(1) FS. Law Implemented 517.051(1) FS. HistoryNew 12-8-87, Amended 2-17-93, Formerly 3E-400.003, Amended__________.
