Florida Senate - 2011                                     SB 198
       
       
       
       By Senator Fasano
       
       
       
       
       11-00193-11                                            2011198__
    1                        A bill to be entitled                      
    2         An act relating to placement agents; amending s.
    3         215.47, F.S.; prohibiting state investment funds from
    4         being used to pay the fees or commissions of placement
    5         agents; requiring the State Board of Administration to
    6         deal directly with private equity firms and companies
    7         issuing securities; providing an effective date.
    8  
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (22) is added to section 215.47,
   12  Florida Statutes, to read:
   13         215.47 Investments; authorized securities; loan of
   14  securities.—Subject to the limitations and conditions of the
   15  State Constitution or of the trust agreement relating to a trust
   16  fund, moneys available for investments under ss. 215.44-215.53
   17  may be invested as follows:
   18         (22) Notwithstanding any other provision of law, no portion
   19  of moneys invested under this section, including any portion
   20  used to pay an investment manager’s fee, may be used to pay
   21  placement agent fees or commissions. As used in this subsection,
   22  the term “placement agent” means an individual who is hired by a
   23  private equity fund or company issuing securities for the
   24  purpose of finding people who are interested in investing in the
   25  fund or securities. In selecting and purchasing investments, the
   26  board must deal directly with the investment fund or company and
   27  not through a placement agent.
   28         Section 2. This act shall take effect upon becoming a law.