Purpose
The purpose of the proposed rule amendments is to repeal Rules 69W-700.018, 69W-700.0024, and 69W-700.028, F.A.C. The Office has identified the rules for repeal as the result of the comprehensive review that it undertook pursuant to Sections 120.74 and 120.745, F.S. Section 517.081, F.S., sets forth the procedures that must be followed when a person seeks to register a security with the Office. It also sets forth the information that the Office may request as part of the registration process. Rule 69W-700.018, F.A.C., requires information that is not specified in the implementing statute. Accordingly, the rule has been identified for repeal because it enlarges the scope of the statute. Rule 69W-700.024, F.A.C., has been designated for repeal because it may allow an issuer to sell securities in Florida prior to registration, which conflicts Section 517.081(1), F.S. Rule 69W-700.028, F.A.C., has been identified for repeal because it is redundant of statutory requirements. The documents specified in the rule are required by the following statutes: Section 517.081(2), F.S. (application); Section 517.081(3), F.S.; (offering circular/prospectus, allowance for use of a form of simplified offering circular and, filing of exhibits and financial statements and annual financial reports); Section 517.081(6), F.S.; (payment of statutory filing fee); Section 517.101, F.S., (consent to service and corporate resolution), and Section 517.12, F.S.; (registration of issuer as dealer).