The purpose and effect is to incorporate provisions from Rule 69W-700.031, Florida Administrative Code, into this rule as both rules concern the same subject matter.

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NO.:RULE TITLE

69W-700.004Circulation of Preliminary Prospectuses

PURPOSE AND EFFECT: The purpose and effect is to incorporate provisions from Rule 69W-700.031, Florida Administrative Code, into this rule as both rules concern the same subject matter.

SUMMARY: The amendment is needed to incorporate provisions from Rule 69W-700.031, Florida Administrative Code, into this rule as both rules concern the same subject matter.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 517.03(1), FS.

LAW IMPLEMENTED: 517.081(3), FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Ryann White, Office of General Counsel [phone], [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69W-700.004 Circulation of Preliminary Prospectuses.

(1) The provisions of Section 517.07, F.S., requiring compliance with the registration requirements of the Florida Securities and Investor Protection Act, if applicable, prior to the offer or sale of securities in Florida, shall not be deemed to prevent the use of a preliminary prospectus provided:

(1) through (3) renamed (a) through (c) No change.

(d) (4) A prospectus which is substantially the same as the offering circular contained in the definitive registration statement accepted by the Office of Financial Regulation to accomplish registration shall be supplied to the purchaser in compliance with Rule 69W-700.002(3)-(10) 69W-700.003, F.A.C.

(2) The provisions of Section 517.07, F.S., requiring compliance with the registration requirements of the Florida Securities and Investor Protection Act, if applicable, prior to the offer or sale of securities in Florida, shall not be deemed to prevent the use of a preliminary offering circular, if designated as such, which has been previously filed with the Office of Financial Regulation in connection with an application for registration of securities; provided, however, an offering circular which is substantially the same as the offering circular contained in the definitive registration statement accepted by the Office of Financial Regulation to accomplish filing requirements of such securities shall be supplied to the purchaser of such securities not later than the time of sale of the securities.

Rulemaking Authority 517.03(1) FS. Law Implemented 517.081(3) FS. History–New 9-20-82, Formerly 3E-20.02, 3E-700.04, Amended 10-26-97, Formerly 3E-700.004,           .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Alisa G. Goldberg, Director, Division of Securities

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 12, 2024

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 18, 2024