Stimulating the Formation of a Capital Funding Ecosystem - Feedback Survey

The Office of Financial Regulation wants to hear your thoughts and feedback on our securities legislative initiative. This initiative reforms the Florida Securities and Investor Protection Act.

This survey corresponds with the proposal summary. Please reference this document and select the corresponding boxes to express your support. Please provide additional thoughts and comments on your selections or withholdings in the spaces provided.

Your input is valuable, and we encourage you to fill out our survey. Thank you for your participation.

Also, please feel free to share this survey with those in your community network who may be interested. For more information, visit our webpage: https://flofr.gov/sitePages/Securities-Legislative-Initiative.htm

Question Title

* 1. Reform of the Crowdfunding Exemption

(1) Expands crowdfunding eligibility to companies headquartered in Florida but incorporated or organized elsewhere to use the crowdfunding exemption.

(2) Increases the amount a company can raise to $5,000,000.

(3) Allows the escrow of offering proceeds to be handled by a third-party agent.

(4) Allows the crowdfund issuer to "test the waters" before committing to the expense of a crowdfund offering.

(5) Three-day voidability provision - allows investors to cancel an investment up to 3 days after purchases.

(6) Financial condition disclosures -now provide for a description of the revenue received for offerings under $50,000, tax returns and financial statements certified by the issuer's principle executive officer for offerings up to $500,000, financial statements prepared according to GAAP and reviewed by CPA for offerings up to $1,000,000 and GAAP financial statements to be audited for offerings up to $5,000,000.

Comments:

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* 2. Adoption of an Accredited Investor Exemption

Provides for a "Reasonable-belief-of-investor-accreditation" standard instead of current federal requirement (Rule 506 (c)) for evidence of being accredited.

Comments:

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* 3. Amendments to the Limited Offering Exemption

(1) Ties the integration concept to new SEC standards set out in SEC Rule 152.

(2) Allows “Demo Day” Solicitation.

Comments:

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* 4. Registration of Securities Transactions

Elimination of the "fair, just and equitable" merit review standard.

Allows "Testing the Waters" and "Demo Day" communications.

Comments:

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* 5. Create a Registration for Finders to Source Capital from Accredited Investors (Currently, finders are unlicensed dealers and may be violating Florida law to participate in matching up investors and issuers.)

Yes

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* 6. Additional Comments

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* 7. This survey is anonymous. However, If you would like to identify with your responses, please provide your contact information and our office can follow up with you. Thank you.

Name

Company

City/Town

Email Address

Phone Number

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