69W-500.004: Computation of Number of Purchasers for Purposes of Section 517.061(11), F.S
69W-500.007: General Solicitation or General Advertising in Connection with an Offering Exempted Under Section 517.061(11), F.S
69W-500.013: Exemption/Mobile Home Parks/Limited Purpose Stock Offering
PURPOSE AND EFFECT: Rule 69W-500.004, F.A.C., is proposed for amendment to strike subparagraphs (1)(a), (b) and (c), which are redundant of Section 517.061(11), F.S. Rule 69W-500.007, F.A.C., is recommended for amendment to update definitions for general solicitation or general advertising to include electronic media other than television or radio. Rule 69W-500.013, F.A.C., is recommended for amendment to strike subsection (5) as this provision conflicts with Section 517.061, F.S.
SUMMARY: Rule 69W-500.004, F.A.C., is proposed for amendment to strike paragraphs (1)(a), (b) and (c), which are redundant of Section 517.061(11), F.S. Rule 69W-500.007, F.A.C., is recommended for amendment to update definitions for general solicitation or general advertising to include electronic media other than television or radio. Rule 69W-500.013, F.A.C., is recommended for amendment to strike subsection (5) as this provision conflicts with Section 517.061, F.S.
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: 1) No requirement for a SERC was triggered under Section 120.541(1); and 2) The amendments will not exceed any one of the economic analysis criteria in a SERC, as set forth in Section 120.541(2)(a), F.S.
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 FS.
LAW IMPLEMENTED: 517.061 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: John Kim, Assistant General Counsel, (850)410-9781, john.kim@flofr.com
THE FULL TEXT OF THE PROPOSED RULE IS:
69W-500.004 Computation of Number of Purchasers for Purposes of Section 517.061(11), F.S.
(1) The following purchasers shall be excluded in computing the number of purchasers for purposes of Section 517.061(11), F.S.:
(a) Any relative or spouse of a purchaser and any relative of such spouse, who shares the same principal residence as such purchaser;
(b) Any trust or estate in which a purchaser or any of the persons related to him as specified in paragraph (1)(a) or (c) of this rule collectively owns more than 50% of the beneficial interest in such trust or estate (excluding contingent interests); and
(c) Any corporation or other organization of which a purchaser or any of the persons related to him as specified in paragraphs (1)(a) and (b) of this rule, collectively, are the beneficial owners of more than 50% of the equity securities (excluding directors’ qualifying shares) or equity interest;
(a)(d) The issuer, including any promoter of that issuer;
(b)(e) Any General Partner of a Limited Partnership, regardless of the types of interest in the Limited Partnership purchased or held by the General Partner;
(c)(f) Any purchaser with whom the transaction was consummated outside the State of Florida.
(2) No change.
Rulemaking Specific Authority 517.03 FS. Law Implemented 517.061(11) FS. History–New 12-5-79, Amended 9-20-82, Formerly 3E-500.04, Amended 7-31-91, Formerly 3E-500.004, Amended 5-15-07,_________.
69W-500.007 General Solicitation or General Advertising in Connection with an Offering Exempted Under Section 517.061(11), F.S.
(1) No change.
(2) For purposes of Section 517.061(11)(a)2., F.S., general solicitation or general advertising, shall be deemed to include, but not be limited to, the following:
(a) Any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium, or broadcast over the television or radio, or transmitted through electronic media; or
(b) Any seminar, meeting, letter, circular, notice or other written communication.
(3) No change.
Rulemaking Specific Authority 517.03 FS. Law Implemented 517.061(11) FS. History–New 12-5-79, Amended 9-20-82, Formerly 3E-500.07, Amended 7-31-91, Formerly 3E-500.007, Amended_________.
69W-500.013 Exemption/Mobile Home Parks/Limited Purpose Stock Offering.
Transactions which involve the offer or sale of stock, bonds, or other instruments deemed to be securities as defined in Section 517.021(21), F.S., offered or sold by or on behalf of a non-profit corporation consisting solely of property owners of a singular mobile home park, where the securities evidence shares of the corporation, are hereby exempted from the registration requirements of Section 517.07, F.S., provided that such securities meet and comply with all of the following criteria:
(1) through (4) No change.
(5) That the Office of Financial Regulation is provided with reasonable notice of the issuance of said securities prior to or contemporaneous with their offer and sale.
Rulemaking Authority 517.03 FS. Law Implemented 517.061(18) FS. History–New 1-8-86, Amended 7-31-91, Formerly 3E-500.013, Amended 9-30-10,_________.