The purpose and effect is to correct capitalization and conform the rule to Chapter 2023-205, Laws of Florida, which amended chapter 517, Florida Statutes, to no longer require the registration of issuers or their associated ....

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

RULE NO.: RULE TITLE:

69W-400.001: Rules for Eleemosynary and Religious Organizations Under the Requirements of Section 517.051(9), F.S

PURPOSE AND EFFECT: The purpose and effect is to correct capitalization and conform the rule to Chapter 2023-205, Laws of Florida, which amended chapter 517, Florida Statutes, to no longer require the registration of issuers or their associated persons.

SUMMARY: The rule is amended to correct capitalization and conform the rule to Chapter 2023-205, Laws of Florida, which amended chapter 517, Florida Statutes, to no longer require the registration of issuers or their associated persons.

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.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Agency expressly relies on an analysis of potential economic impact conducted by persons with subject matter knowledge of these rules.

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: 517.051(9), 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-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 (c) No change.

(d) Name Names and address addresses of the registered associated persons of the issuer or the registered broker dealer offering the securities.

(e) through (h) No change.

(2) through (4) No change.

Rulemaking Authority 517.03(1) FS. Law Implemented 517.051(9), 517.12(2) FS. History–New 12-5-79, Amended 9-20-82, Formerly 3E-400.01, Amended 10-14-90, Formerly 3E-400.001, Amended 5-15-07,            .

 

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: December 19, 2023

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: August 11, 2023