Statement on the Signing of Securities Legislation

Tallahassee, Fla. – Today, the Office of Financial Regulation (OFR) Commissioner Russell C. Weigel, III, offered the following statement on Governor DeSantis signing Florida Senate Bill 180 – Securities Regulation.

OFR Commissioner Russell C. Weigel, III, said, “The Office of Financial Regulation will continue to encourage modernization in the financial services industry while ensuring Floridians are protected from scams and bad actors. I thank Governor Ron DeSantis for his support in ensuring that Florida continues to attract financial services businesses to the state. Thank you also to our bill sponsors, Senator Joe Gruters and Representative Webster Barnaby, for their support of this legislation.”

SB 180 – Securities Regulation updates and clarifies language and certain references, revises and adjusts certain definitions, eliminates issuer-dealer registration requirements, eliminates an issuer escrow requirement, exempts advisers to private funds from registration, reduces a filing fee, and provides continuing education requirements for associated persons of investment advisers and federal covered advisers. The bill has an effective date of October 1, 2023.