CS/CS/HB 483--Investor protection.This bill is intended to provide greater enforcement tools and regulatory oversight for securities transactions in Florida, which will increase the state's effectiveness in combating securities fraud. The bill authorizes the Office of Statewide Prosecution to initiate and pursue investigations for securities transactions and money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. and to prosecute criminal violations. It also authorizes the Attorney General to investigate and bring actions against violators of the fraud provisions of ch. 517, F.S., the Securities and Investors Protection Act--allowing the Attorney General to seek injunctive relief injunctive relief n. a court-ordered act or prohibition against an act or condition which has been requested, and sometimes granted, in a petition to the court for an injunction. , restitution In the context of Criminal Law, state programs under which an offender is required, as a condition of his or her sentence, to repay money or donate services to the victim or society; with respect to maritime law, the restoration of articles lost by jettison, done when the , and civil penalties. The bill also: requires the Office of Financial Regulation to adopt disciplinary guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. for persons who violate ch. 517, F.S.; increases the cap on administrative fines from $5,000 to $10,000 per violation; and authorizes the emergency suspension of an individual's securities registration under ch. 517, F.S., for failure to promptly provide books and records to the OFR Ofr Oberfranken (German) OFR Operating and Financial Review OFR Office of the Federal Register (US NARA) OFr Old French (linguistics) OFR Optics for Research . If approved by the Governor, these provisions take effect July 1, 2009. |
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