CS/CS/HB 437 - Public Records Exemptions for International Financial Institutions

• Creates public records exemptions for the Office of Financial Regulation regarding international trust company representative offices and qualified limited service affiliates, with exemptions repealing October 2, 2022 unless reauthorized.

• Exempts personal identifying information of customers, prospective customers, shareholders, and members of affiliated international trust entities from public disclosure to protect high-net-worth individuals from criminal targeting.

• Allows limited disclosure of exempted information to authorized representatives, fidelity insurers, auditors, liquidators, law enforcement, and legislative bodies under subpoena.

• Establishes a third-degree felony penalty for willful unauthorized disclosure of confidential information under the exemptions.

• Amends existing financial records exemptions in s. 655.057 to clarify that exemptions for examination reports and materials from governmental agencies extend to international trust entities and qualified limited service affiliates and are subject to state constitutional provisions.