Family Office Networks Hosts Commissioner from the Office of Financial Regulation for a Special Session on Financial Regulation

Palm Beach, FL – (Dec. 23, 2021) – Andrew Schneider, Founder and Chairman of Family Office Networks, a community of 500,000, including 10,000+ global family offices, was pleased to host “Family Offices – Stimulating Florida’s Capital Ecosystem” last week as an interactive session featuring the Commissioner from the Office of Financial Regulation Russell C. Weigel, III. The event was being held together with Kings Counsel & Trust Family Office

Some of the highlights that were discussed include:

  • Promotion of the integration of virtual currencies into Florida’s financial services marketplace. HB 273 / SB 487 offers a series of modifications being made to Florida’s money transmission statutes to include digital assets.
  • Stimulating capital financing and investments into start-up and small business enterprises in Florida. (HB 779 – Offers and Sales of Securities) · Registering Finders to facilitate private investment introductions.
  • “Testing the Water” provision saves issuers offering expenses by permitting limited communications with prospective investors before conducting an offering.
  • Providing general solicitation advertising of investment opportunities to accredited investors and a safe harbor for “Demo Day” events.
  • Revisions to Florida’s crowdfunding statutes to expand eligibility, offering amount, and advertising capabilities.
  • Expanding investor protection provisions.

“The Office of Financial Regulation (OFR) is seeking feedback for a legislative initiative to help stimulate the growth of a capital market for the financing of Florida’s small and expanding businesses. It was a great honor to host this prestigious event and I invite all family offices to join this informational session to learn more about the initiative,” said Family Office Networks Founder and Chairman Andrew Schneider.

The Office of Financial Regulation (OFR) is the primary regulator of the state-chartered and licensed financial services industry in Florida. It has drafted legislation to reform the Florida Securities and Investor Protection Act and help stimulate the growth of a capital market for the financing of Florida businesses. The goal is to promote Florida’s economy through the creation of a self-sustaining, in-state capital market where many newly formed businesses can obtain seed or expansion capital. The desired outcome is to have Florida’s residents and businesses obtain capital from within the state and ultimately remain in Florida and contribute to the state’s economy.