Bill Text: FL S1094 | 2016 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Public Records/International Trust Entities
Spectrum: Slight Partisan Bill (? 2-1)
Status: (Failed) 2016-03-11 - Died in Rules, companion bill(s) passed, see CS/SB 1106 (Ch. 2016-192) [S1094 Detail]
Download: Florida-2016-S1094-Introduced.html
Bill Title: Public Records/International Trust Entities
Spectrum: Slight Partisan Bill (? 2-1)
Status: (Failed) 2016-03-11 - Died in Rules, companion bill(s) passed, see CS/SB 1106 (Ch. 2016-192) [S1094 Detail]
Download: Florida-2016-S1094-Introduced.html
Florida Senate - 2016 SB 1094 By Senator Flores 37-01350-16 20161094__ 1 A bill to be entitled 2 An act relating to public records; creating s. 3 663.097, F.S.; defining terms; providing an exemption 4 from public records requirements for certain 5 information held by the Office of Financial Regulation 6 relating to a limited purpose international trust 7 company representative office; authorizing the release 8 of certain confidential and exempt information by the 9 office; authorizing the publication of certain 10 information; providing a criminal penalty for willful 11 disclosure; providing for future legislative review 12 and repeal of the exemption; providing a statement of 13 public necessity; providing a contingent effective 14 date. 15 16 Be It Enacted by the Legislature of the State of Florida: 17 18 Section 1. Section 663.097, Florida Statutes, is created to 19 read: 20 663.097 Public records exemption.— 21 (1) DEFINITIONS.—As used in this section, the term: 22 (a) “Reports or investigations” means records submitted to 23 or prepared by the office as part of the office’s duties 24 performed pursuant to s. 663.045, s. 663.046, or s. 663.09. 25 (b) “Working papers” means the records of the procedure 26 followed, the tests performed, the information obtained, and the 27 conclusions reached in an investigation under s. 663.045, s. 28 663.046, or s. 663.09. The term also includes books and records. 29 (2) PUBLIC RECORDS EXEMPTION.—The following information 30 held by the office is confidential and exempt from s. 119.07(1) 31 and s. 24(a), Art. I of the State Constitution: 32 (a) Any personal identifying information appearing in 33 records relating to an application, or a new or renewal 34 registration, of a limited purpose international trust company 35 representative office. 36 (b) Any personal identifying information appearing in 37 records relating to an investigation of a limited purpose 38 international trust company representative office. 39 (c) Any personal identifying information appearing in 40 reports or investigations of a limited purpose international 41 trust company representative office, including working papers. 42 (d) Any portion of a list of names of the existing or 43 prospective clients of an affiliated international trust 44 company. 45 (e) Information received by the office from a person from 46 another state or nation or the Federal Government which is 47 otherwise confidential or exempt pursuant to the laws of that 48 state or nation or pursuant to federal law. 49 (3) AUTHORIZED RELEASE OF CONFIDENTIAL AND EXEMPT 50 INFORMATION.—Information made confidential and exempt under 51 subsection (2) may be disclosed by the office: 52 (a) To the authorized representative or representatives of 53 the limited purpose international trust company representative 54 office that is the subject of a report or investigation. The 55 authorized representative or representatives shall be identified 56 in a resolution or by written consent of the board of directors 57 if the limited purpose international trust company 58 representative office is a corporation, or of the managers if 59 the limited purpose international trust company representative 60 office is a limited liability company. 61 (b) To a fidelity insurance company or liability insurer, 62 upon written consent of the limited purpose international trust 63 company representative office’s board of directors if a 64 corporation, or its managers if a limited liability company. 65 (c) To an independent auditor, upon written consent of the 66 limited purpose international trust company representative 67 office’s board of directors if a corporation, or its managers if 68 a limited liability company. 69 (d) To a liquidator, receiver, or conservator for a limited 70 purpose international trust company representative office if a 71 liquidator, receiver, or conservator is appointed. However, any 72 portion of the information which discloses the identity of a 73 current or prospective client of an affiliated international 74 trust company must be redacted by the office before releasing 75 such portion to the liquidator, receiver, or conservator. 76 (e) To any other state, federal, or foreign agency 77 responsible for the regulation or supervision of limited purpose 78 international trust company representative offices or an 79 affiliated international trust company. 80 (f) To a law enforcement agency in the furtherance of the 81 agency’s official duties and responsibilities. 82 (g) To the appropriate law enforcement or prosecutorial 83 agency for the purpose of reporting any suspected criminal 84 activity. 85 (h) Pursuant to a legislative subpoena. A legislative body 86 or committee that receives records or information pursuant to 87 such a subpoena must maintain the confidential status of such 88 records or information, except in a case involving the 89 investigation of charges against a public official subject to 90 impeachment or removal, in which case records or information may 91 be disclosed only to the extent necessary as determined by such 92 legislative body or committee. 93 (4) PUBLICATION OF INFORMATION.—This section does not 94 prevent or restrict the publication of: 95 (a) A report required by federal law. 96 (b) The name of the limited purpose international trust 97 company representative office or any affiliated international 98 trust company and the name and address of the directors, 99 managers, officers, or registered agent of the limited purpose 100 international trust company representative office or any 101 affiliated international trust company. 102 (5) PENALTY.—A person who willfully discloses information 103 made confidential and exempt by this section commits a felony of 104 the third degree, punishable as provided in s. 775.082, s. 105 775.083, or s. 775.084. 106 (6) OPEN GOVERNMENT SUNSET REVIEW.—This section is subject 107 to the Open Government Sunset Review Act in accordance with s. 108 119.15 and shall stand repealed on October 2, 2021, unless 109 reviewed and saved from repeal through reenactment by the 110 Legislature. 111 Section 2. (1) The Legislature finds that it is a public 112 necessity to exempt from public records requirements any 113 personal identifying information appearing in records relating 114 to an application, or a new or renewal registration, of a 115 limited purpose international trust company representative 116 office; any personal identifying information appearing in 117 records relating to an investigation of a limited purpose 118 international trust company representative office; any personal 119 identifying information appearing in reports or investigations 120 by the Office of Financial Regulation of a limited purpose 121 international trust company representative office, including 122 working papers; and any portion of a list of names of the 123 existing or prospective clients of an affiliated international 124 trust company. 125 (2) The Legislature finds that if financial information and 126 lists of names of clients or prospective clients of affiliated 127 international trust companies are available for public access, 128 the personal and financial safety of the clients, the 129 prospective clients, and their family members who are the 130 subject of the information will be jeopardized. Families with 131 high net worth are frequently the targets of criminal predators 132 seeking access to their assets. It is important that the 133 exposure of such clients or prospective clients and their family 134 members to threats of extortion, kidnapping, and other crimes 135 not be increased. Placing family names and their related private 136 business records and methodologies into the public domain would 137 increase the risk that a family would become the target of 138 criminal activity. The Legislature further finds this is 139 especially important because many of the clients and prospective 140 clients of affiliated international trust companies reside in or 141 frequently travel to countries in which kidnapping and extortion 142 are significant risks and public corruption impedes the rule of 143 law. 144 (3) The Legislature further finds that it is a public 145 necessity to exempt from public records requirements information 146 received by the office from a person from another state or 147 nation or the Federal Government which is otherwise confidential 148 or exempt pursuant to the laws of that state or nation or 149 pursuant to federal law. The Legislature finds that maintaining 150 the confidentiality of the information shared with the office by 151 those persons is necessary to protect the sensitive nature of 152 the information and to facilitate the sharing of such 153 information for the office’s effective and efficient performance 154 of its duties. 155 Section 3. This act shall take effect on the same date that 156 SB ____ or similar legislation takes effect, if such legislation 157 is adopted in the same legislative session or an extension 158 thereof and becomes a law.