FL S0180

Revises and modernizes definitions in Florida's securities law (Chapter 517), including updated definitions for "dealer," "associated person," "investment adviser," and "intermediary," and requires the Financial Services Commission to define "accredited investor" by rule consistent with SEC Rule 501

Creates a registration exemption for private fund advisers who advise only qualifying private funds (including venture capital funds), provided they are not subject to disqualifying events and file required reports with the Office of Financial Regulation

Establishes continuing education requirements (s. 517.1214) for associated persons of investment advisers and federal covered advisers, mandating 12 credits annually — 6 on ethics/regulatory obligations and 6 on products/practices — effective December 31, 2024

Adds new grounds for denying, revoking, or suspending dealer, investment adviser, intermediary, or associated person registrations, including failure to pay arbitration awards, attempting to avoid payment of judgments, and failure to satisfy fines or restitution orders from securities regulators

Revises securities registration application fees to $1,000 for offerings exceeding the threshold in Section 3(b) of the Securities Act of 1933 and $200 for smaller offerings, authorizes the Commission to adopt rules for viatical settlement investment disclosures, and repeals s. 517.181 relating to escrow agreements, effective October 1, 2023