Florida Senate - 2016 CS for SB 1094
By the Committee on Banking and Insurance; and Senator Flores
597-02619-16 20161094c1
1 A bill to be entitled
2 An act relating to public records; creating s.
3 663.097, F.S.; defining terms; providing an exemption
4 from public records requirements for certain
5 information held by the Office of Financial Regulation
6 relating to a limited purpose international trust
7 company representative office; authorizing the release
8 of certain confidential and exempt information by the
9 office; authorizing the publication of certain
10 information; providing a criminal penalty for willful
11 disclosure; providing for future legislative review
12 and repeal of the exemption; providing a statement of
13 public necessity; providing a contingent effective
14 date.
15
16 Be It Enacted by the Legislature of the State of Florida:
17
18 Section 1. Section 663.097, Florida Statutes, is created to
19 read:
20 663.097 Public records exemption.—
21 (1) DEFINITIONS.—As used in this section, the term:
22 (a) “Reports or investigations” means records submitted to
23 or prepared by the office as part of the office’s duties
24 performed pursuant to s. 663.045, s. 663.046, or s. 663.09.
25 (b) “Working papers” means the records of the procedure
26 followed, the tests performed, the information obtained, and the
27 conclusions reached in an investigation under s. 663.045, s.
28 663.046, or s. 663.09. The term also includes books and records.
29 (2) PUBLIC RECORDS EXEMPTION.—The following information
30 held by the office is confidential and exempt from s. 119.07(1)
31 and s. 24(a), Art. I of the State Constitution:
32 (a) Any personal identifying information appearing in
33 records relating to an application, or a new or renewal
34 registration, of a limited purpose international trust company
35 representative office.
36 (b) Any personal identifying information appearing in
37 records relating to an investigation of a limited purpose
38 international trust company representative office.
39 (c) Any personal identifying information appearing in
40 reports or investigations of a limited purpose international
41 trust company representative office, including working papers.
42 (d) Any portion of a list of names of the existing or
43 prospective clients of an affiliated international trust
44 company.
45 (e) Information received by the office from a person from
46 another state or nation or the Federal Government which is
47 otherwise confidential or exempt pursuant to the laws of that
48 state or nation or pursuant to federal law.
49 (3) AUTHORIZED RELEASE OF CONFIDENTIAL AND EXEMPT
50 INFORMATION.—Information made confidential and exempt under
51 subsection (2) may be disclosed by the office:
52 (a) To the authorized representative or representatives of
53 the limited purpose international trust company representative
54 office that is the subject of a report or investigation. The
55 authorized representative or representatives shall be identified
56 in a resolution or by written consent of the board of directors
57 if the limited purpose international trust company
58 representative office is a corporation, or of the managers if
59 the limited purpose international trust company representative
60 office is a limited liability company.
61 (b) To a fidelity insurance company or liability insurer,
62 upon written consent of the limited purpose international trust
63 company representative office’s board of directors if a
64 corporation, or its managers if a limited liability company.
65 (c) To an independent auditor, upon written consent of the
66 limited purpose international trust company representative
67 office’s board of directors if a corporation, or its managers if
68 a limited liability company.
69 (d) To a liquidator, receiver, or conservator for a limited
70 purpose international trust company representative office if a
71 liquidator, receiver, or conservator is appointed. However, any
72 portion of the information which discloses the identity of a
73 current or prospective client of an affiliated international
74 trust company must be redacted by the office before releasing
75 such portion to the liquidator, receiver, or conservator.
76 (e) To any other state, federal, or foreign agency
77 responsible for the regulation or supervision of limited purpose
78 international trust company representative offices or an
79 affiliated international trust company.
80 (f) To a law enforcement agency in the furtherance of the
81 agency’s official duties and responsibilities.
82 (g) To the appropriate law enforcement or prosecutorial
83 agency for the purpose of reporting any suspected criminal
84 activity.
85 (h) Pursuant to a legislative subpoena. A legislative body
86 or committee that receives records or information pursuant to
87 such a subpoena must maintain the confidential status of such
88 records or information, except in a case involving the
89 investigation of charges against a public official subject to
90 impeachment or removal, in which case records or information may
91 be disclosed only to the extent necessary as determined by such
92 legislative body or committee.
93 (4) PUBLICATION OF INFORMATION.—This section does not
94 prevent or restrict the publication of:
95 (a) A report required by federal law.
96 (b) The name of the limited purpose international trust
97 company representative office or any affiliated international
98 trust company and the name and address of the directors,
99 managers, officers, or registered agent of the limited purpose
100 international trust company representative office or any
101 affiliated international trust company.
102 (5) PENALTY.—A person who willfully discloses information
103 made confidential and exempt by this section commits a felony of
104 the third degree, punishable as provided in s. 775.082, s.
105 775.083, or s. 775.084.
106 (6) OPEN GOVERNMENT SUNSET REVIEW.—This section is subject
107 to the Open Government Sunset Review Act in accordance with s.
108 119.15 and shall stand repealed on October 2, 2021, unless
109 reviewed and saved from repeal through reenactment by the
110 Legislature.
111 Section 2. (1) The Legislature finds that it is a public
112 necessity to exempt from public records requirements any
113 personal identifying information appearing in records relating
114 to an application, or a new or renewal registration, of a
115 limited purpose international trust company representative
116 office; any personal identifying information appearing in
117 records relating to an investigation of a limited purpose
118 international trust company representative office; any personal
119 identifying information appearing in reports or investigations
120 by the Office of Financial Regulation of a limited purpose
121 international trust company representative office, including
122 working papers; and any portion of a list of names of the
123 existing or prospective clients of an affiliated international
124 trust company.
125 (2) The Legislature finds that if financial information and
126 lists of names of clients or prospective clients of affiliated
127 international trust companies are available for public access,
128 the personal and financial safety of the clients, the
129 prospective clients, and their family members who are the
130 subject of the information will be jeopardized. Families with
131 high net worth are frequently the targets of criminal predators
132 seeking access to their assets. It is important that the
133 exposure of such clients or prospective clients and their family
134 members to threats of extortion, kidnapping, and other crimes
135 not be increased. Placing family names and their related private
136 business records and methodologies into the public domain would
137 increase the risk that a family would become the target of
138 criminal activity. The Legislature further finds this is
139 especially important because many of the clients and prospective
140 clients of affiliated international trust companies reside in or
141 frequently travel to countries in which kidnapping and extortion
142 are significant risks and public corruption impedes the rule of
143 law.
144 (3) The Legislature further finds that it is a public
145 necessity to exempt from public records requirements information
146 received by the office from a person from another state or
147 nation or the Federal Government which is otherwise confidential
148 or exempt pursuant to the laws of that state or nation or
149 pursuant to federal law. The Legislature finds that maintaining
150 the confidentiality of the information shared with the office by
151 those persons is necessary to protect the sensitive nature of
152 the information and to facilitate the sharing of such
153 information for the office’s effective and efficient performance
154 of its duties.
155 Section 3. This act shall take effect on the same date that
156 SB 1106 or similar legislation takes effect, if such legislation
157 is adopted in the same legislative session or an extension
158 thereof and becomes a law.