General Motors Financial Company, Inc.,; The petition sought a declaratory statement from the Office with respect to offers and sales of Petitioner’s Variable Denominational Floating Rate Demand Notes; and if Petitioner’s and its officers, employees ...

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has declined to rule on the petition for declaratory statement filed by General Motors Financial Company, Inc., on May 20, 2016. The following is a summary of the agency’s declination of the petition:

The petition sought a declaratory statement from the Office with respect to offers and sales of Petitioner’s Variable Denominational Floating Rate Demand Notes; and if Petitioner’s and its officers, employees and directors are required to comply with registration requirements of Sec. 517. 12, Florida Statutes. On August 18, 2016, the Office issued a Final Order Denying the Petition for Declaratory Statement. The Petition does not provide the necessary and adequate facts relating to Petitioner’s proposed circumstances, nor are they stated with sufficient particularity to enable the Office to determine whether Petitioner is required to be registered under Chapter 517, Florida Statutes. Specifically, the Petition states that Petitioner engaged GSC “to assist with the offering of the Notes as an accommodating broker in states where applicable securities laws require such offerings to be made by a registered broker-dealer.” However, Petitioner does not explain what GSC’s role is in offering Petitioner’s Notes. No information is provided regarding how GSC is assisting Petitioner with the offering. The Petition fails to state which registered dealer in Florida will act as the dealer for the sale or offer for sale of Petitioner's Notes in or from offices in Florida, or sell Petitioner’s Notes to persons in Florida from offices outside Florida. Finally, the Petition is not clear whether Petitioner is asking the Office to determine if Petitioner qualifies for one of the specifically enumerated exemptions contained in section 517 .12, Florida Statutes. Therefore, the Office is unable at this time to determine whether Petitioner’s proposed conduct falls under one of the Chapter 517, Florida Statutes, exemptions. Any further analysis of the Petition is unnecessary and the Office therefore makes no determination regarding the merits of Petitioner’s arguments relating to this issue.

A copy of the Order Declining of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail] or online at https://real.flofr.com/ConsumerServices/SearchLegalDocuments/LDSearch.aspx#/searchLegalDocuments.