Florida Senate - 2023                        COMMITTEE AMENDMENT
       Bill No. PCS (133236) for SB 110
       
       
       
       
       
       
                                Ì779990VÎ779990                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/07/2023           .                                
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       The Committee on Governmental Oversight and Accountability
       (Hooper) recommended the following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 170 - 196
    4  and insert:
    5         (3) With no more than 80 percent of any fund in equity
    6  securities or securities convertible into equity securities of
    7  any entity common stock, preferred stock, and interest-bearing
    8  obligations of a corporation having an option to convert into
    9  common stock, provided that all of the following apply:
   10         (a) That the entity is either:
   11         1. The corporation is organized under the laws of the
   12  United States, any state or organized territory of the United
   13  States, or the District of Columbia; or
   14         2. (b) The corporation is listed on any one or more of the
   15  recognized national stock exchanges in the United States and
   16  conforms with the periodic reporting requirements under the
   17  Securities Exchange Act of 1934.
   18         (b)(c) Not more than 75 percent of the fund may be in
   19  internally managed equity securities common stock.
   20  
   21  The board may shall not invest more than 10 percent of the
   22  equity assets of any fund in the equity securities common stock,
   23  preferred stock, and interest-bearing obligations having an
   24  option to convert into common stock, of any one issuing entity
   25  corporation; and the board may shall not invest more than 3
   26  percent of the equity assets of any fund in such securities of
   27  any one issuing entity corporation except to the extent a higher
   28  percentage of the same issue is included in a nationally
   29  recognized market index, based on market values, at least as
   30  broad as the Standard and Poor’s Composite Index of 500
   31  Companies, or except upon a specific finding by the board that
   32  such higher percentage is in the best interest of the fund.
   33