FL S0198

Prohibits state investment funds from using any portion of invested moneys to pay placement agent fees or commissions, including amounts designated for investment manager fees.

Defines a placement agent as an individual hired by a private equity fund or company issuing securities to find potential investors.

Requires the State Board of Administration to deal directly with investment funds and companies when selecting and purchasing investments, rather than working through placement agents.

Amends section 215.47 of the Florida Statutes to add these restrictions to authorized investment practices.

Takes effect upon becoming law.