69W-400.001: Rules for Eleemosynary and Religious Organizations Under the Requirements of Section 517.051(9), F.S
69W-400.003: Rules for Government Securities Under Section 517.051(1), F.S
PURPOSE AND EFFECT: Chapter 2006-213, Laws of Florida, contains amendments to Chapter 517, Florida Statutes, relating to the Florida Securities and Investors Protection Act. This law requires financial statements to be prepared in accordance with United States generally accepted accounting principles. The rules are amended to reflect this requirement.
SUMMARY: The proposed rule amendments provide that financial statements must be prepared in accordance with United States generally accepted accounting principles.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
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.
SPECIFIC AUTHORITY: 517.03, 517.051 FS.
LAW IMPLEMENTED: 517.051, 517.12 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE 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 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 (g) No change.
(h) The following financial statements of the issuer prepared in conformance with generally accepted accounting principals:
1. A balance sheet and statement of profit and loss as of a date not earlier than the end of the last fiscal year of the issuer; provided, however, that if the last fiscal year shall have ended within 90 days of the date of the circular in which such data is to be included, such data may be supplied as of a date not earlier than the end of the fiscal year preceding the last fiscal year of the issuer;
2. If the balance sheet and statement of profit and loss included in an offering circular pursuant to subparagraph 1. above are as of a date 120 days prior to the date of the offering circular in which such data are included, sales and net income information as of a date not earlier than 90 days prior to the date of the offering circular shall be included.
(2) In the case of an offering in excess of $250,000 of securities in reliance upon the exemption:
(a) through (y) No change.
(z) The following financial statements of the issuer prepared in conformance with
1. A balance sheet and statement of profit and loss as of a date not earlier than the end of the last fiscal year of the issuer; provided, however, that if the last fiscal year shall have ended within 90 days of the date of the circular in which such data is to be included, such data may be supplied as of a date not earlier than the end of the fiscal year preceding the last fiscal year of the issuer.
2. If the balance sheet and statement of profit and loss included in an offering circular pursuant to subparagraph 1. above are as of a date 120 days prior to the date of the offering circular in which such data are included, sales and net income information as of a date not earlier than 90 days prior to the date of the offering circular shall be included.
(3) through (4) No change.
Specific 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 ________.
69W-400.003 Rules for Government Securities Under Section 517.051(1), F.S.
For purposes of the exemption of Section 517.051(1), F.S., any issuer or guarantor of securities which are or have been in default shall be deemed to have satisfied the requirement of full and fair disclosure, thereby entitling the securities issued or guaranteed by such person to the exemption granted therein, if the following information is contained in an offering circular provided to each offeree prior to any sale of such securities:
(1) A description of each and every default by the issuer and guarantor including:
(a) through (g) No change.
(h) Financial statements for the last two (2) fiscal years prepared and presented in accordance with Generally Accepted Accounting Principals as adopted by the American Institute of Certified Public Accountants and in existence on June 1, 1992. Such statements shall additionally have been audited by an independent governmental audit organization or by an independent certified public accountant; and
(i) through (2) No change.
Specific Authority 517.03(1), 517.051(1) FS. Law Implemented 517.051(1) FS. History–New 12-8-87, Amended 2-17-93, Formerly 3E-400.003, Amended________.