69W-500.004: Computation of Number of Purchasers for Purposes of Section 517.061(11), F.S
PURPOSE AND EFFECT: The rule is clarified to conform to statutory requirements regarding the exclusion of certain individuals as purchasers for securities offerings under Section 517.061(11), F.S.
SUBJECT AREA TO BE ADDRESSED: Florida Securities and Investors Protection Act.
SPECIFIC AUTHORITY: 517.03 FS.
LAW IMPLEMENTED: 517.061 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE WEEKLY.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Pam Epting, Bureau Chief, Office of Financial Regulation, 200 East Gaines Street, 6th Floor, The Fletcher Building, Tallahassee, Florida 32399-0375, (850)410-9805
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT 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) No change.
(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% own 100% 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 all the equity securities (excluding directors’ qualifying shares) or equity interest;
(d) through (f) No change.
(2) No change.
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_______.