ANNOUNCEMENT 13 Jun 2014In June 2014, a US state government announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
On June 13, 2014, the governor of Florida signed into law a bill (HB811, now Chapter No. 2014-134) that, among other things, allows for greater investment in foreign securities by the state's investment agency. Existing law had provided that the State Board of Administration could invest 'no more than 35 percent of any fund in corporate obligations and securities of any kind of a foreign corporation or a foreign commercial entity having its principal office located in any country other than the United States or its possessions or territories, not including United States dollar-denominated securities listed and traded on a United States exchange that are a part of the ordinary investment strategy of the board.' The new law increases that percentage to 'up to 50 percent.'