OFR Legislative Initiative
~The Invest Local Act: Funding Entrepreneurs and Growing Local Investments~
The Office of Financial Regulation (OFR) is the primary regulator of the state-chartered and licensed financial services industries in Florida. We have drafted legislation to reform the Florida Securities and Investor Protection Act (Chapter 517, Florida Statutes) with the aim of improving the capacity for Florida-based companies to raise money and to increase local investment opportunities for Floridians. Our goal is to promote Florida’s economy through the creation of a self-sustaining, in-state capital market where newly formed businesses can obtain seed or expansion capital. The desired outcome is to have Florida residents and businesses obtain capital from within our state and ultimately remain in Florida and contribute to the state’s economy.
The legislation contains the following marketplace features:
- A safe harbor for demo day and pitch events
- An investor-friendly accredited investor exemption
- A pre-offering exemption for testing the waters for potential investor interest
- A registration for capital connectors
- The elimination of issuer-dealer registration requirements
- The adoption of certain entrepreneur-friendly SEC initiatives
- Improves investor protections measures
For more information on our bill, please read our proposed bill and summary.
Invest Local Act Invest Local Act Summary
Track the progress of the bill – SB 180 and HB 253.We sought and received feedback from Florida capital financing professionals, incubators and from a task force formed by the Florida Bar. Please read our industry feedback below.
Public input is valuable to legislators as they formulate policies in our state. You are welcome to write a letter/email to your state public official to express how this draft legislation would affect you, your business or Florida’s small business economy.
Contact your Local Representative
House Insurance and Banking Subcommittee
Senate Committee on Banking and Insurance
SB 180 Sponsor Senator Gruters
HB 253 Sponsor Representative Barnaby
You can find information on communicating with members of the legislature below.
Florida Senate: Effective Communication with Your Legislator
Florida House of Representatives: Effective Communication with Your Representative
Please contact our office to learn more about our legislative initiative. Also, feel free to share this page and the feedback form with those in your community or network.
Want to stay up to date on our progress? Subscribe to our mailing list and stay in touch with how you can help build Florida’s start-up community. You can also follow us on Twitter, Facebook, and LinkedIn!
Request a speaker if would like to have someone from OFR speak or present at your organization’s next event or meeting.