Bill Text: FL S1094 | 2016 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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

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       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.