The Florida Senate

517.082  Notification registration.--

(1)  Except as provided in subsection (3), securities offered or sold pursuant to a registration statement filed under the Securities Act of 1933 or the Investment Company Act of 1940 shall be entitled to registration by notification in the manner provided in subsection (2), provided that prior to the offer or sale the registration statement has become effective.

(2)  An application for registration by notification shall be filed with the department, shall contain the following information, and shall be accompanied by the following:

(a)  An application to sell executed by the issuer, any person on whose behalf the offering is made, a dealer registered under this chapter, or any duly authorized agent of any such person, setting forth the name and address of the applicant, the name and address of the issuer, and the title of the securities to be offered and sold;

(b)  Copies of such documents filed with the Securities and Exchange Commission as the department may by rule require;

(c)  An irrevocable written consent to service as required by s. 517.101; and

(d)  A nonreturnable fee of $1,000 per application.

A registration under this section becomes effective when the federal registration statement becomes effective or as of the date the application is filed with the department, whichever is later, provided that, in addition to the items listed in paragraphs (a)-(d), the department has received written notification of effective registration under the Securities Act of 1933 or the Investment Company Act of 1940 within 10 business days from the date federal registration is granted. Failure to provide all the information required by this subsection to the department within 60 days of the date the registration statement becomes effective with the Securities and Exchange Commission shall be a violation of this chapter.

(3)  Except for securities offered or sold pursuant to a registration statement filed under the Investment Company Act of 1940, units of limited partnership interests, or such other securities as the department describes by rule as exempt from this subsection due to high investment quality, the provisions of this section may not be used to register securities if the offering price at the time of effectiveness with the Securities and Exchange Commission is $5 or less per share, unless such securities are listed or designated, or approved for listing or designation upon notice of issuance, on a stock exchange registered pursuant to the Securities Exchange Act of 1934 or on the National Association of Securities Dealers Automated Quotation (NASDAQ) System, or unless such securities are of the same issuer and of senior or substantially equal rank to securities so listed or designated.

(4)  In lieu of filing with the department the application, fees, and documents for registration required by subsection (2), the department may establish procedures for the deposit of fees and the filing of documents to be made through the Securities Registration Depository as developed under contract with the North American Securities Administrators Association, Inc., provided such procedures shall provide the department with the information and data required by this section. Should a filer be unable to use the Securities Registration Depository, such filings, including the statutory fee, may be made directly with the department.

History.--ss. 7, 15, ch. 85-165; s. 7, ch. 86-85; s. 4, ch. 87-316; ss. 4, 14, 15, ch. 90-362; s. 4, ch. 91-429; s. 3, ch. 96-338; s. 6, ch. 97-224.