Also amended FLA LEG 517.0611 and made numerous technical amendments.
Provisions
Adds definitions including, angel investor group, boiler room, and business entity.
Refines and restructures exemptions from definition of dealer and investment advisor.
Reorganizes and expands definition of exempt securities and exempt transactions.
Revises process and requirements for FLA intrastate offering of securities.
Also revising requirements for issuers relating to the registration exemption, and the requirements for the notice of offering that must be filed by the issuer.
Additionally, specifies the timeframe within which issuers may amend such notice after any material information contained in the notice becomes inaccurate.
Authorizes issuer to engage in general advertising and solicitation in certain cases.
Amends other offerings, exemptions, and registration/licensing requirements.
Deletes the requirement that an issuer file and provide a certain annual report.
Legislative History
On Jan. 9, 2024, bill introduced in Senate; on Feb. 28, 2024, bill passed Senate.
On Feb. 28, 2024, bill introduced in House; on Mar. 5, 2024, bill passed House.
Effectiveness
Upon approval by governor, bill SB 532 will be effective Oct. 1, 2024.
May 2024 FLA LEG Bill Chaptered
On May 13, 2024, FLA LEG assigned bill Ch. 2024-168 after May 10 governor approval.
In Jul. 2024, FLA OFR proposed rules in order to implement 2024-168, see #219341.
