FL H7155

Removes requirement for State Board of Administration to comply with enrollment requirements in s. 218.407 when investing funds in the Local Government Surplus Funds Trust Fund.

Allows the State Board of Administration to invest funds in the Local Government Surplus Funds Trust Fund without a trust agreement upon completion of enrollment materials provided by the board.

Specifies that investments made under a trust agreement are subject only to restrictions and limitations contained in that trust agreement, rather than the general restrictions in s. 215.47.

Corrects cross-reference in s. 215.4755 from subsection (2)(c) to subsection (2)(b) regarding investment adviser and manager certification requirements.

Clarifies investment adviser and manager code of ethics provisions by removing references to "perceived" conflicts of interest and specifying ethics requirements regarding personal transactions with broker-dealer employees.

Effective date: July 1, 2011.