January 26, 2021
Print This PagePrint This Page

Bill #:
Chamber: View Search Tips
Search Term:
Year: View Search Tips
Search Term:
       Florida Senate - 2010                                    SB 2186
       By Senator Ring
       32-01883-10                                           20102186__
    1                        A bill to be entitled                      
    2         An act relating to the State Board of Administration;
    3         amending s. 215.44, F.S.; providing for two additional
    4         members to be appointed to the Board of Trustees of
    5         the State Board of Administration by the Governor;
    6         requiring the board of trustees to meet at least
    7         quarterly, receive training, and create an audit
    8         committee; providing for the membership, appointment,
    9         and terms of the audit committee; providing the powers
   10         and duties of the committee; deleting the requirement
   11         that the Office of Program Policy Analysis and
   12         Government Accountability examine the investment
   13         management of the state board and instead requiring
   14         external audits of the state board; amending s.
   15         215.441, F.S.; specifying experience requirements for
   16         the executive director of the state board; providing
   17         that the executive director is a state officer;
   18         amending s. 215.442, F.S.; revising the requirements
   19         for the quarterly report submitted to the board of
   20         trustees by the executive director; amending s.
   21         215.444, F.S.; increasing the membership of the
   22         Investment Advisory Council to the state board;
   23         revising the duties of the council; providing that
   24         members of the council are state officers; amending s.
   25         215.47, F.S.; conforming a cross-reference; amending
   26         s. 215.475, F.S.; revising provisions relating to the
   27         investment policy statement approved by the board of
   28         trustees; creating s. 215.476, F.S.; establishing
   29         ethics standards for the investment advisers and
   30         managers to the state board; creating s. 215.477,
   31         F.S.; providing for annual disclosure statements by
   32         investment advisers and managers to the state board;
   33         specifying what must be disclosed; amending s.
   34         121.153, F.S.; conforming a cross-reference; providing
   35         an effective date.
   37  Be It Enacted by the Legislature of the State of Florida:
   39         Section 1. Section 215.44, Florida Statutes, is amended to
   40  read:
   41         215.44 Board of Administration; powers and duties in
   42  relation to investment of trust funds.—
   43         (1) Except when otherwise specifically provided by the
   44  State Constitution and subject to any limitations of the trust
   45  agreement relating to a trust fund, the Board of Trustees of the
   46  State Board of Administration, hereinafter sometimes referred to
   47  as the “board of trustees” or “board,” composed of the Governor
   48  as chair, the Chief Financial Officer, and the Attorney General,
   49  and two additional members appointed by the Governor under
   50  subsection (2), shall invest all the funds in the System Trust
   51  Fund, as defined in s. 121.021(36), and all other funds
   52  specifically required by law to be invested by the board
   53  pursuant to ss. 215.44-215.53 to the fullest extent that is
   54  consistent with the cash requirements, trust agreement, and
   55  investment objectives of the fund. Notwithstanding any other law
   56  to the contrary, the State board of Administration may invest
   57  any funds of any state agency or any unit of local government
   58  pursuant to the terms of a trust agreement with the head of the
   59  state agency or the governing body of the unit of local
   60  government, which trust agreement shall govern the investment of
   61  such funds, provided that the board approves shall approve the
   62  undertaking of such investment before execution of the trust
   63  agreement by the State board of Administration. The funds and
   64  the earnings therefrom are exempt from the service charge
   65  imposed by s. 215.20. As used in this subsection, the term
   66  “state agency” has the same meaning as that provided in s.
   67  216.011(1) 216.001, and the terms “governing body” and “unit of
   68  local government” have the same meaning as that provided in s.
   69  218.403.
   70         (2) The Governor shall appoint two members to the board of
   71  trustees, one of whom must have demonstrated training and
   72  experience in the fields of institutional investment or finance,
   73  and one of whom must have demonstrated training and experience
   74  in the fields of institutional investment or finance and be a
   75  participant or beneficiary of the pension fund.
   76         (a) Appointments shall be for a term of 4 years, and the
   77  appointees shall serve at the pleasure of the Governor.
   78  Vacancies must be filled within 60 days after the occurrence of
   79  a vacancy.
   80         (b) The appointees shall have the same fiduciary
   81  responsibilities as elected members of the board.
   82         (c) The appointees must undergo fiduciary training as
   83  required by the board.
   84         (d) The appointees are considered state officers for
   85  purposes of s. 112.3145.
   86         (e) The appointees are considered agents of the state for
   87  purposes of s. 768.28.
   88         (3)(2)(a) The board shall have the power to make purchases,
   89  sales, exchanges, investments, and reinvestments for and on
   90  behalf of the funds referred to in subsection (1), and it is
   91  shall be the duty of the board to see that moneys invested under
   92  the provisions of ss. 215.44-215.53 are at all times handled in
   93  the best interests of the state.
   94         (a)(b) In exercising investment authority pursuant to s.
   95  215.47, the board may retain investment advisers or managers, or
   96  both, external to in-house staff, to assist the board in
   97  carrying out the power specified in this subsection paragraph
   98  (a).
   99         (b) The board of trustees shall meet at least quarterly and
  100  receive reports from the audit committee, the investment
  101  advisory committee, the inspector general, general counsel,
  102  executive director, and such other persons as the board may
  103  require about the financial status, operations, and investment
  104  activities of the State Board of Administration.
  105         (c) Members of the board must undergo fiduciary training on
  106  an annual basis, based on the recommendations of the executive
  107  director.
  108         (4) The board shall create an audit committee to assist the
  109  board in fulfilling its oversight responsibilities in the areas
  110  of financial reporting, internal controls and risk assessment,
  111  audit processes, and compliance with laws and rules.
  112         (a) The audit committee shall be chaired by the Chief
  113  Financial Officer and shall consist of six members. In addition
  114  to the Chief Financial Officer, the Governor and the Attorney
  115  General shall each appoint two members and the Chief Financial
  116  Officer shall appoint one member. An appointed committee member
  117  must be independent and free from any relationship that would
  118  interfere with the exercise of his or her independent judgment
  119  as a member of the committee. Each appointed committee member
  120  shall serve a term of 4 years at the pleasure of the appointing
  121  board member. Persons appointed to the audit committee must have
  122  relevant knowledge and expertise as determined by the board, and
  123  shall undergo fiduciary training as required by the board.
  124  Members of the committee are state officers for the purposes of
  125  s. 112.3145.
  126         (b) The audit committee shall independently and objectively
  127  monitor on an ongoing basis the state board’s processes for
  128  financial reporting, internal controls and risk assessment, and
  129  compliance with laws and rules. The audit committee shall direct
  130  the audit efforts of the state board’s independent external
  131  auditors and the state board’s internal audit staff. The
  132  committee shall report, at least quarterly, all findings and
  133  recommendations to the executive director and the board of
  134  trustees.
  135         (c) The audit committee may:
  136         1. Seek any information it requires from state board
  137  employees, who shall provide such information upon request, and
  138  from third parties;
  139         2. Meet with the investment advisory council, the investor
  140  council, state board employees, or external auditors as
  141  necessary;
  142         3. Review and approve the budget for the Office of Internal
  143  Audit; and
  144         4. Retain outside accountants, consultants, attorneys, or
  145  others approved by the board to assist in conducting audits,
  146  reviews, or special investigations as directed by the board.
  147         (d) Upon receipt of an audit report or recommendation from
  148  the audit committee, the executive director shall, within 30
  149  days, respond in writing and indicate whether action will be
  150  taken. The executive director shall specify what action shall be
  151  taken or the reasons for not taking action. A copy of the
  152  executive director’s written response shall be provided to the
  153  committee and to the board.
  154         (e) The audit committee shall appoint a Chief of Internal
  155  Audit, who shall have the powers and duties set by the committee
  156  and shall report to the committee.
  157         (f) The audit committee may have other powers and duties as
  158  set by the board.
  159         (5)(3) Notwithstanding any law to the contrary, all
  160  investments made by the State Board of Administration pursuant
  161  to ss. 215.44-215.53 are shall be subject to the restrictions
  162  and limitations contained in s. 215.47.
  163         (6)(4) The board shall prepare and approve an operating
  164  budget each fiscal year consistent with the provisions of
  165  chapter 216. The approved operating budget shall be submitted to
  166  the legislative appropriation committees and the Executive
  167  Office of the Governor before prior to July 1 of each year.
  168         (7)(5) On or before January 1 of each year, the board shall
  169  provide to the Legislature a report including the following
  170  items for each fund which, by law, has been entrusted to the
  171  board for investment:
  172         (a) A schedule of the annual beginning and ending asset
  173  values and changes and sources of changes in the asset value of:
  174         1. Each fund managed by the board; and
  175         2. Each asset class and portfolio within the Florida
  176  Retirement System Trust Fund.
  177         (b) A description of the investment policy for each fund,
  178  and changes in investment policy for each fund since the
  179  previous annual report.
  180         (c) A description of compliance with investment strategy
  181  for each fund.
  182         (d) A description of the risks inherent in investing in
  183  financial instruments of the major asset classes held in the
  184  fund.
  185         (e) A summary of the type and amount of technology and
  186  growth investments held by each fund.
  187         (f) Other information deemed of interest by the executive
  188  director of the board.
  189         (8)(6)Upon the recommendation of the audit committee, the
  190  board shall procure regular external audits of the State Board
  191  of Administration, to be conducted at least once every 3 years.
  192  Such audits must include financial condition, compliance,
  193  internal controls, and operations. Final audit reports shall be
  194  submitted to the President of the Senate and the Speaker of the
  195  House of Representatives within 15 days after completion. The
  196  Office of Program Policy Analysis and Government Accountability
  197  shall examine the board’s management of investments every 2
  198  years. The Office of Program Policy Analysis and Government
  199  Accountability shall submit such reports to the board, the
  200  President of the Senate, and the Speaker of the House of
  201  Representatives and their designees.
  202         (9)(7) Investment and debt purchasing procedures and
  203  contracts of funds held in trust by the State Board of
  204  Administration, whether directly or incidentally related to the
  205  investment or debt transactions, are exempt from the provisions
  206  of chapter 287.
  207         (10)(8)(a) In order to effectively and efficiently
  208  administer the real estate investment program of the State Board
  209  of Administration, the Legislature finds a public necessity in
  210  protecting specified records of the board. Accordingly,
  211         (a) Records and information relating to acquiring,
  212  hypothecating, or disposing of real property or related personal
  213  property or mortgage interests in same, as well as interest in
  214  collective real estate investment funds, publicly traded
  215  securities, or private placement investments, are confidential
  216  and exempt from s. 119.07(1) in order to protect proprietary
  217  information requisite to the board’s ability to transact arms
  218  length negotiations necessary to successfully compete in the
  219  real estate investment market. All reports and documents
  220  relating to value, offers, counteroffers, or negotiations are
  221  confidential and exempt from s. 119.07(1) until closing is
  222  complete and all funds have been disbursed. Reports and
  223  documents relating to tenants, leases, contracts, rent rolls,
  224  and negotiations in progress are confidential and exempt from
  225  the provisions of s. 119.07(1) until the executive director
  226  determines that releasing such information would not be
  227  detrimental to the interests of the board and would not cause a
  228  conflict with the fiduciary responsibilities of the State Board
  229  of Administration.
  230         (b) In order to effectively and efficiently administer the
  231  investment programs of the board, the Legislature finds a public
  232  necessity in protecting records other than those described in
  233  paragraph (a). Accordingly, Records and other information
  234  relating to investments made by the board pursuant to its
  235  constitutional and statutory investment duties and
  236  responsibilities are confidential and exempt from s. 119.07(1)
  237  until 30 days after completion of an investment transaction.
  238  However, if in the opinion of the executive director of the
  239  board it would be detrimental to the financial interests of the
  240  board or would cause a conflict with the fiduciary
  241  responsibilities of the board, information concerning service
  242  provider fees may be maintained as confidential and exempt from
  243  s. 119.07(1) until 6 months after negotiations relating to such
  244  fees have been terminated. This exemption prevents the use of
  245  confidential internal investment decisions of the State Board of
  246  Administration for improper personal gain.
  247         (c)1. As used in this paragraph, the term:
  248         a. “Alternative investment” means an investment by the
  249  State Board of Administration in a private equity fund, venture
  250  fund, hedge fund, or distress fund or a direct investment in a
  251  portfolio company through an investment manager.
  252         b. “Alternative investment vehicle” means the limited
  253  partnership, limited liability company, or similar legal
  254  structure or investment manager through which the State Board of
  255  Administration invests in a portfolio company.
  256         c. “Portfolio company” means a corporation or other issuer,
  257  any of whose securities are owned by an alternative investment
  258  vehicle or the State Board of Administration and any subsidiary
  259  of such corporation or other issuer.
  260         d. “Portfolio positions” means individual investments in
  261  portfolio companies which are made by the alternative investment
  262  vehicles, including information or specific investment terms
  263  associated with any portfolio company investment.
  264         e. “Proprietor” means an alternative investment vehicle, a
  265  portfolio company in which the alternative investment vehicle is
  266  invested, or an outside consultant, including the respective
  267  authorized officers, employees, agents, or successors in
  268  interest, which controls or owns information provided to the
  269  State Board of Administration.
  270         f. “Proprietary confidential business information” means
  271  information that has been designated by the proprietor when
  272  provided to the State Board of Administration as information
  273  that is owned or controlled by a proprietor; that is intended to
  274  be and is treated by the proprietor as private, the disclosure
  275  of which would harm the business operations of the proprietor
  276  and has not been intentionally disclosed by the proprietor
  277  unless pursuant to a private agreement that provides that the
  278  information will not be released to the public except as
  279  required by law or legal process, or pursuant to law or an order
  280  of a court or administrative body; and that concerns:
  281         (I) Trade secrets as defined in s. 688.002.
  282         (II) Information provided to the State Board of
  283  Administration regarding a prospective investment in a private
  284  equity fund, venture fund, hedge fund, distress fund, or
  285  portfolio company which is proprietary to the provider of the
  286  information.
  287         (III) Financial statements and auditor reports of an
  288  alternative investment vehicle.
  289         (IV) Meeting materials of an alternative investment vehicle
  290  relating to financial, operating, or marketing information of
  291  the alternative investment vehicle.
  292         (V) Information regarding the portfolio positions in which
  293  the alternative investment vehicles invest.
  294         (VI) Capital call and distribution notices to investors of
  295  an alternative investment vehicle.
  296         (VII) Alternative investment agreements and related
  297  records.
  298         (VIII) Information concerning investors, other than the
  299  State Board of Administration, in an alternative investment
  300  vehicle.
  301         g. “Proprietary confidential business information” does not
  302  include:
  303         (I) The name, address, and vintage year of an alternative
  304  investment vehicle and the identity of the principals involved
  305  in the management of the alternative investment vehicle.
  306         (II) The dollar amount of the commitment made by the State
  307  Board of Administration to each alternative investment vehicle
  308  since inception.
  309         (III) The dollar amount and date of cash contributions made
  310  by the State Board of Administration to each alternative
  311  investment vehicle since inception.
  312         (IV) The dollar amount, on a fiscal-year-end basis, of cash
  313  distributions received by the State Board of Administration from
  314  each alternative investment vehicle.
  315         (V) The dollar amount, on a fiscal-year-end basis, of cash
  316  distributions received by the State Board of Administration plus
  317  the remaining value of alternative-vehicle assets that are
  318  attributable to the State Board of Administration’s investment
  319  in each alternative investment vehicle.
  320         (VI) The net internal rate of return of each alternative
  321  investment vehicle since inception.
  322         (VII) The investment multiple of each alternative
  323  investment vehicle since inception.
  324         (VIII) The dollar amount of the total management fees and
  325  costs paid on an annual fiscal-year-end basis by the State Board
  326  of Administration to each alternative investment vehicle.
  327         (IX) The dollar amount of cash profit received by the State
  328  Board of Administration from each alternative investment vehicle
  329  on a fiscal-year-end basis.
  330         2. Proprietary confidential business information held by
  331  the State Board of Administration regarding alternative
  332  investments is confidential and exempt from s. 119.07(1) and s.
  333  24(a), Art. I of the State Constitution for 10 years after the
  334  termination of the alternative investment. This exemption
  335  applies to proprietary confidential business information held by
  336  the State Board of Administration before, on, or after October
  337  1, 2006.
  338         3. Notwithstanding the provisions of subparagraph 2., a
  339  request to inspect or copy a record under s. 119.07(1) which
  340  contains proprietary confidential business information shall be
  341  granted if the proprietor of the information fails, within a
  342  reasonable period of time after the request is received by the
  343  State Board of Administration, to verify the following to the
  344  State Board of Administration through a written declaration in
  345  the manner provided by s. 92.525:
  346         a. That the requested record contains proprietary
  347  confidential business information and the specific location of
  348  such information within the record;
  349         b. If the proprietary confidential business information is
  350  a trade secret, a verification that it is a trade secret as
  351  defined in s. 688.002;
  352         c. That the proprietary confidential business information
  353  is intended to be and is treated by the proprietor as private,
  354  is the subject of efforts of the proprietor to maintain its
  355  privacy, and is not readily ascertainable or publicly available
  356  from any other source; and
  357         d. That the disclosure of the proprietary confidential
  358  business information to the public would harm the business
  359  operations of the proprietor.
  360         4. Any person may petition a court of competent
  361  jurisdiction for an order for the public release of those
  362  portions of any record made confidential and exempt by
  363  subparagraph 2. Any action under this subparagraph must be
  364  brought in Leon County, Florida, and the petition or other
  365  initial pleading shall be served on the State Board of
  366  Administration and, if determinable upon diligent inquiry, on
  367  the proprietor of the information sought to be released. In any
  368  order for the public release of a record under this
  369  subparagraph, the court shall make a finding that the record or
  370  portion thereof is not a trade secret as defined in s. 688.002,
  371  that a compelling public interest is served by the release of
  372  the record or portions thereof which exceed the public necessity
  373  for maintaining the confidentiality of such record, and that the
  374  release of the record will not cause damage to or adversely
  375  affect the interests of the proprietor of the released
  376  information, other private persons or business entities, the
  377  State Board of Administration, or any trust fund, the assets of
  378  which are invested by the State Board of Administration.
  379         5. This paragraph is subject to the Open Government Sunset
  380  Review Act in accordance with s. 119.15 and shall stand repealed
  381  on October 2, 2011, unless reviewed and saved from repeal
  382  through reenactment by the Legislature.
  383         (11)(9) In connection with any investment pursuant to s.
  384  215.47, the State Board of Administration may enter into an
  385  indemnification agreement provided that, under any such
  386  agreement, the liability of the State Board of Administration is
  387  limited to the amount of its investment and the State Board of
  388  Administration is not obligated to indemnify against loss caused
  389  by the negligence or fault of the person seeking
  390  indemnification.
  391         Section 2. Section 215.441, Florida Statutes, is amended to
  392  read:
  393         215.441 Board of Administration; Appointment of executive
  394  director.—
  395         (1) The board of trustees shall appoint an executive
  396  director of the State Board of Administration to manage and
  397  invest funds as directed by the board of trustees. The executive
  398  director must have proven knowledge and expertise in overseeing
  399  institutional investment portfolios. The executive director must
  400  have extensive experience in any two or more of the following
  401  areas: domestic equity or fixed-income securities, international
  402  equity or fixed-income securities, cash management, alternative
  403  investments, managed futures, or real estate investment trusts.
  404  The board may set additional requirements for appointment.
  405         (2) The appointment of the executive director of the State
  406  Board of Administration must be approved shall be subject to the
  407  approval by a majority vote of the board of trustees of the
  408  State Board of Administration, and the Governor must vote on the
  409  prevailing side. Such appointment must be reaffirmed in the same
  410  manner by the board of trustees on an annual basis.
  411         (3) The executive director is a state officer for purposes
  412  of s. 112.3145.
  413         Section 3. Subsection (1) of section 215.442, Florida
  414  Statutes, is amended to read:
  415         215.442 Executive director; reporting requirements; public
  416  meeting.—
  417         (1) Beginning October 2007 and quarterly thereafter, The
  418  executive director shall present a quarterly report to the board
  419  of trustees which includes of the State Board of Administration
  420  a quarterly report to include the following:
  421         (a) The name of each equity in which the State Board of
  422  Administration has invested for the quarter.
  423         (b) The industry category of each equity.
  424         (c) The type and value of assets that have been downgraded
  425  during the preceding quarter.
  426         Section 4. Section 215.444, Florida Statutes, is amended to
  427  read:
  428         215.444 Investment Advisory Council.—
  429         (1) A nine-member There is created a six-member Investment
  430  Advisory Council is created to review the investments made by
  431  the staff of the State Board of Administration and to make
  432  recommendations to the board of trustees regarding investment
  433  policy, strategy, and procedures. The council shall annually
  434  recommend asset allocations for funds held by the state board
  435  and shall approve all new product types considered for
  436  investment by the state board.
  437         (2) The members of the council shall be appointed by the
  438  board of trustees and are shall be subject to confirmation by
  439  the Senate.
  440         (a) The council must include one member representing local
  441  governments, one member representing state government employees
  442  who are participants in the Florida Retirement System, and one
  443  member representing public education employees.
  444         (b) Council members must These individuals shall possess
  445  special knowledge, experience, and familiarity with financial
  446  investments and portfolio management.
  447         (c) Members shall be appointed for 4-year terms. A vacancy
  448  shall be filled for the remainder of the unexpired term.
  449         (d) The council shall annually elect a chair and a vice
  450  chair from its membership. A member may not be elected to
  451  consecutive terms as chair or vice chair.
  452         (e) Members of the council are state officers for purposes
  453  of s. 112.3145.
  454         Section 5. Subsection (15) of section 215.47, Florida
  455  Statutes, is amended to read:
  456         215.47 Investments; authorized securities; loan of
  457  securities.—Subject to the limitations and conditions of the
  458  State Constitution or of the trust agreement relating to a trust
  459  fund, moneys available for investments under ss. 215.44-215.53
  460  may be invested as follows:
  461         (15) With no more, in the aggregate, than 10 percent of any
  462  fund in alternative investments, as defined in s.
  463  215.44(10)(c)1.a. 215.44(8)(c)1.a., through participation in the
  464  alternative investment vehicles as defined in s.
  465  215.44(10)(c)1.b. 215.44(8)(c)1.b., or in securities or
  466  investments that are not publicly traded and are not otherwise
  467  authorized by this section.
  468         Section 6. Section 215.475, Florida Statutes, is amended to
  469  read:
  470         215.475 Investment policy statement.—
  471         (1) In making investments for the System Trust Fund
  472  pursuant to ss. 215.44-215.53, the state board may not make an
  473  shall make no investment that which is not in conformance with
  474  the Florida Retirement System Defined Benefit Plan Investment
  475  Policy Statement, hereinafter referred to as “the IPS,” as
  476  developed by the executive director and the Investment Advisory
  477  Council and approved by the board of trustees. The IPS must
  478  include, among other items, the investment objectives of the
  479  System Trust Fund; permitted types of securities in which the
  480  state board may invest; and evaluation criteria necessary to
  481  measure the investment performance of the fund. As required from
  482  time to time, the executive director of the board may present
  483  recommended changes in the IPS to the board of trustees for
  484  approval.
  485         (2)Prior to any recommended changes in the IPS being
  486  presented to the board, the executive director of the board
  487  shall present such changes to the Investment Advisory Council
  488  for review. The council shall present the results of its review
  489  to the board prior to the board’s final approval of the IPS or
  490  changes in the IPS.
  491         Section 7. Section 215.476, Florida Statutes, is created to
  492  read:
  493         215.476Ethics requirements for investment advisers and
  494  managers.—
  495         (1) The state board by rule shall adopt standards of
  496  conduct applicable to investment advisers and managers retained
  497  pursuant to s. 215.44(3)(a).
  498         (2) A contract under which an investment adviser or manager
  499  renders financial services or advice to the state board is
  500  voidable by the board if the investment adviser or manager
  501  violates a standard of conduct adopted under this section.
  502         Section 8. Section 215.477, Florida Statutes, is created to
  503  read:
  504         215.477Disclosure requirements for investment advisers and
  505  managers.—
  506         (1) An investment adviser or manager retained under s.
  507  215.44(3)(a) shall disclose in writing to the state board:
  508         (a) Any relationship that the investment adviser or manager
  509  has with any party to a transaction with the state board, other
  510  than a relationship necessary to the investment or funds
  511  management services that the investment adviser or manager
  512  performs for the board, if a prudent person could expect the
  513  relationship to diminish the investment adviser’s or manager’s
  514  independence of judgment in the performance of his or her
  515  responsibilities to the board; and
  516         (b) All direct or indirect pecuniary interests that the
  517  investment adviser or manager has in any party to a transaction
  518  with the state board if the transaction is connected with any
  519  financial advice or service the investment adviser or manager
  520  provides to the board in connection with the management or
  521  investment of funds pursuant to s. 215.44(1).
  522         (2) The investment adviser or manager must disclose a
  523  relationship described by paragraph (1)(a) without regard to
  524  whether the relationship is a direct, indirect, personal,
  525  private, commercial, or business relationship.
  526         (3) An investment adviser or manager retained pursuant to
  527  s. 215.44(3)(a) shall file annually a statement with the state
  528  board which discloses each relationship and pecuniary interest
  529  described by this section, or if no relationship or pecuniary
  530  interest described by this section existed during the disclosure
  531  period, the statement must affirmatively state that fact.
  532         (a) The annual statement must be filed by January 1 on a
  533  form prescribed by the state board. The statement must cover the
  534  reporting period of the previous calendar year.
  535         (b) The investment adviser or manager shall promptly file a
  536  new or amended statement with the state board whenever there is
  537  new information to report under this section.
  538         Section 9. Paragraph (a) of subsection (2) of section
  539  121.153, Florida Statutes, is amended to read:
  540         121.153 Investments in institutions doing business in or
  541  with Northern Ireland.—
  542         (2)(a) Notwithstanding any other provision of law, and
  543  consistent with the investment policy set forth in ss. 215.44(3)
  544  215.44(2) and 215.47(10), the moneys or assets of the System
  545  Trust Fund invested or deposited in any financial institution,
  546  as defined in s. 655.005, which, directly or through a
  547  subsidiary, on or after October 1, 1988, makes any loan, extends
  548  credit of any kind or character, or advances funds in any manner
  549  to Northern Ireland or national corporations of Northern Ireland
  550  or agencies or instrumentalities thereof must shall reflect the
  551  extent to which such entities have endeavored to eliminate
  552  ethnic or religious discrimination as determined pursuant to
  553  paragraph (1)(b).
  554         Section 10. This act shall take effect July 1, 2010.

Site Map
Session:   Bills ·   Calendars ·   Bound Journals ·   Citator ·   Search ·   Appropriations ·   Redistricting ·   Bill Information Reports
Committee Publications
Historical Information
Statutes:   Introduction ·   View Statutes ·   Search Statutes
Disclaimer: The information on this system is unverified. The journals or printed bills of the respective chambers should be consulted for official purposes.    Copyright © 2000-2021 State of Florida.     Privacy Statement     Contact Us     Get Acrobat Reader