Notice of Development of Rulemaking

DEPARTMENT OF FINANCIAL SERVICES
Securities
RULE NO: RULE TITLE
69W-100.007: Advertising and Sales Literature
PURPOSE AND EFFECT: The rule is clarified to provide that if an advertisement or sales literature complies with NASD Rule 2210, the material does not need to be approved by or filed with the Office of Financial Regulation.
SUBJECT AREA TO BE ADDRESSED: Securities Regulation.
SPECIFIC AUTHORITY: 517.03 FS.
LAW IMPLEMENTED: 517.081 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, Chief, Bureau of Regulatory Review, Division of Securities, Office of Financial Regulation, The Fletcher Building, 200 East Gaines Street, Tallahassee, Florida 32399-0375, (850)410-9500, pam.epting@flofr.com

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:

69W-100.007 Advertising and Sales Literature.

(1) No change.

(2) Every advertisement used in connection with an offering of securities registered pursuant to Section 517.081, F.S., must be authorized in writing by the Office of Financial Regulation before being published or circulated unless it is within the requirements of NASD Rule 2210 and rules promulgated by the National Association of Securities Dealers concerning advertisements for use in newspapers or any other means of public communication or satisfies the requirements of the Securities Act of 1933 and any statement of policy by the Securities and Exchange Commission concerning advertisements and sales literature, or contains no more than the following:

(a) Date of issuance or release;

(b) Name and address of issuer;

(c) Identity or title of securities;

(d) Per unit offering price;

(e) Amount of offering;

(f) Brief statement of general character of the business;

(g) Address where prospectus or offering circular may be obtained.

(3) Any advertisement, except an offering circular or prospectus, intended to be used by a registered Florida dealer in connection with the public sale or offer for sale of any securities within the State of Florida shall be filed with the Office of Financial Regulation at least ten (10) days prior to publication or circulation if such advertisement contains more than the disclosure items listed in subsection (2), or does not meet the requirements of NASD Rule 2210 and rules promulgated by the National Association of Securities Dealers concerning advertisements for use in newspapers or any other means of public communication or does not satisfy the requirements of the Securities Act of 1933 and statement of policy by the Securities and Exchange Commission concerning advertisements and sales literature.

(3) NASD Rule 2210 is hereby incorporated by reference. A copy of the rule may be obtained by contacting the Florida Office of Financial Regulation, Division of Securities, 200 E. Gaines Street, Tallahassee, Florida 32399.

Rulemaking Specific Authority 517.03 FS. Law Implemented 517.081 FS. History–New 12-5-79, Amended 9-20-82, Formerly 3E-100.07, 3E-100.007, Amended________.