(1) An investment adviser or manager who has discretionary investment authority for direct holdings and who is retained as provided in s. 215.44(2)(b) shall agree pursuant to contract to annually certify in writing to the board that:
(a) All investment decisions made on behalf of the trust funds and the board are made in the best interests of the trust funds and the board and not made in a manner to the advantage of such investment adviser or manager, other persons, or clients to the detriment of the trust funds and the board.
(b) Appropriate policies, procedures, or other safeguards have been adopted and implemented to ensure that relationships with any affiliated persons or entities do not adversely influence the investment decisions made on behalf of the trust funds and the board.
(c) A written code of ethics, conduct, or other set of standards, which governs the professional behavior and expectations of owners, general partners, directors or managers, officers, and employees of the investment adviser or manager, has been adopted and implemented and is effectively monitored and enforced. The investment advisers’ and managers’ code of ethics shall require that:
1. Officers and employees involved in the investment process refrain from personal business activity that could conflict with the proper execution and management of the investment program over which the investment adviser or manager has discretionary investment authority or that could impair their ability to make impartial decisions with respect to such investment program; and
2. Officers and employees refrain from undertaking personal investment transactions with the same individual employee at a broker-dealer firm with whom business is conducted on behalf of the board.
(d) The investment adviser or manager has proactively and promptly disclosed to the board, notwithstanding subsection (2), any known circumstances or situations that a prudent person could expect to create an actual or potential conflict of interest, including specifically:
1. Any material interests in or with financial institutions with which officers and employees conduct business on behalf of the trust funds and the board; and
2. Any personal financial or investment positions of the investment adviser or manager that could be related to the performance of an investment program over which the investment adviser or manager has discretionary investment authority on behalf of the board.
(2) At the board’s request, an investment adviser or manager who has discretionary investment authority over direct holdings and who is retained as provided in s. 215.44(2)(b) shall disclose in writing to the board:
(a) Any nonconfidential, nonproprietary information or reports to substantiate the certifications required under subsection (1).
(b) All direct or indirect pecuniary interests that the investment adviser or manager has in or with any party to a transaction with the board, if the transaction is related to any discretionary investment authority that the investment adviser or manager exercises on behalf of the board.
(3) An investment adviser or manager certification required under subsection (1) shall be provided annually, no later than January 31, for the reporting period of the previous calendar year on a form prescribed by the board.
History.—s. 11, ch. 2010-180; s. 2, ch. 2011-100.
Structure Florida Statutes
Title XIV - Taxation and Finance
Chapter 215 - Financial Matters: General Provisions
215.02 - Manner of Paying Money Into the Treasury.
215.03 - Party to Be Reimbursed on Reversal of Judgment for State.
215.04 - Department of Financial Services to Report Delinquents.
215.05 - Department of Financial Services to Certify Accounts of Delinquents.
215.06 - Certified Accounts of Delinquents as Evidence.
215.07 - Preference of State in Case of Insolvency.
215.08 - Delinquent Collectors to Be Reported to State Attorney.
215.09 - Delinquent Collectors; Forfeiture of Commissions.
215.10 - Delinquent Collectors; Suspension.
215.11 - Defaulting Officers; Department of Financial Services to Report to Clerk.
215.12 - Defaulting Officers; Duty of Clerk.
215.15 - School Appropriations to Have Priority.
215.179 - Solicitation of Payment.
215.18 - Transfers Between Funds; Limitation.
215.195 - Agency Deposits Relating to the Statewide Cost Allocation Plan.
215.196 - Architects Incidental Trust Fund; Creation; Assessment.
215.197 - Federal Grants Trust Fund.
215.198 - Operating Trust Fund.
215.199 - Audit and Warrant Clearing Trust Fund.
215.20 - Certain Income and Certain Trust Funds to Contribute to the General Revenue Fund.
215.211 - Service Charge; Elimination or Reduction for Specified Proceeds.
215.22 - Certain Income and Certain Trust Funds Exempt.
215.23 - When Contributions to Be Made.
215.24 - Exemptions Where Federal Contributions or Private Grants.
215.245 - Contracts With Federal Government; Indemnification Authorized in Certain Circumstances.
215.25 - Manner of Contributions; Rules and Regulations.
215.26 - Repayment of Funds Paid Into State Treasury Through Error.
215.31 - State Funds; Deposit in State Treasury.
215.311 - State Funds; Exceptions.
215.32 - State Funds; Segregation.
215.3206 - Trust Funds; Termination or Re-Creation.
215.3207 - Trust Funds; Establishment; Criteria.
215.3208 - Trust Funds; Legislative Review.
215.321 - Regulatory Trust Fund.
215.34 - State Funds; Noncollectible Items; Procedure.
215.35 - State Funds; Warrants and Their Issuance.
215.36 - State Funds; Laws Not Repealed.
215.405 - State Agencies and the Judicial Branch Authorized to Collect Costs of Fingerprinting.
215.42 - Purchases From Appropriations, Proof of Delivery.
215.425 - Extra Compensation Claims Prohibited; Bonuses; Severance Pay.
215.43 - Public Bonds, Notes, and Other Securities.
215.431 - Issuance of Bond Anticipation Notes.
215.44 - Board of Administration; Powers and Duties in Relation to Investment of Trust Funds.
215.4401 - Board of Administration; Public Record Exemptions.
215.441 - Board of Administration; Appointment of Executive Director.
215.442 - Executive Director; Reporting Requirements; Public Meeting.
215.444 - Investment Advisory Council.
215.45 - Sale and Exchange of Securities.
215.47 - Investments; Authorized Securities; Loan of Securities.
215.4701 - Trademarks, Copyrights, or Patents.
215.4702 - Investments in Publicly Traded Companies Operating in Northern Ireland.
215.471 - Divestiture by the State Board of Administration; Reporting Requirements.
215.472 - Prohibited Investments.
215.473 - Divestiture by the State Board of Administration; Sudan; Iran.
215.474 - Analyses of Technology and Growth Investments.
215.475 - Investment Policy Statement.
215.4755 - Certification and Disclosure Requirements for Investment Advisers and Managers.
215.48 - Consent and Ratification of Appropriate Board, Agency, or of the Judicial Branch.
215.49 - Making Funds Available for Investment.
215.50 - Custody of Securities Purchased; Income.
215.51 - Investment Accounts; Changes, Notice, Etc.
215.515 - Investment Accounts; Charges for Services.
215.52 - Rules and Regulations.
215.53 - Powers of Existing Officers and Boards, the Judicial Branch, and Agencies Not Affected.
215.55 - Federal Use of State Lands Trust Fund; County Distribution.
215.551 - Federal Use of State Lands Trust Fund; County Distribution; Requests by Counties.
215.555 - Florida Hurricane Catastrophe Fund.
215.5551 - Reinsurance to Assist Policyholders Program.
215.557 - Reports of Insured Values.
215.5586 - My Safe Florida Home Program.
215.5588 - Florida Disaster Recovery Program.
215.559 - Hurricane Loss Mitigation Program.
215.5595 - Insurance Capital Build-Up Incentive Program.
215.55952 - Annual Report on Economic Impact of a 1-in-100-Year Hurricane.
215.56005 - Tobacco Settlement Financing Corporation.
215.5601 - Lawton Chiles Endowment Fund.
215.5602 - James and Esther King Biomedical Research Program.
215.56021 - Exemptions From Public Records and Public Meetings Requirements; Peer Review Panels.
215.58 - Definitions Relating to State Bond Act.
215.59 - State Bonds, Revenue Bonds; Issuance.
215.60 - State Bonds for Financing Road Acquisition and Construction.
215.605 - State Bonds for Right-of-Way Acquisition or Bridge Construction.
215.61 - State System of Public Education Capital Outlay Bonds.
215.615 - Fixed-Guideway Transportation Systems Funding.
215.616 - State Bonds for Federal Aid Highway Construction.
215.617 - Bonds for State-Funded Infrastructure Bank.
215.619 - Bonds for Everglades Restoration.
215.62 - Division of Bond Finance.
215.64 - Powers of the Division.
215.65 - Bond Fee Trust Fund, Expenditures; Schedule of Fees.
215.655 - Arbitrage Compliance Program, Expenditures; Schedule of Fees.
215.66 - Request for Issuance of Bonds; Procedure Requirements.
215.67 - Issuance of State Bonds.
215.68 - Issuance of Bonds; Form; Maturity Date, Execution, Sale.
215.69 - State Board of Administration to Administer Funds.
215.70 - State Board of Administration to Act in Case of Defaults.
215.71 - Application of Bond Proceeds.
215.72 - Covenants With Bondholders.
215.73 - Approval of Bond Issue by State Board of Administration.
215.75 - Bonds Securities for Public Bodies.
215.76 - Exemption of Bonds From Taxation.
215.82 - Validation; When Required.
215.821 - Issuance of Bonds by State Agencies.
215.83 - Construction of State Bond Act.
215.835 - Rulemaking Authority.
215.84 - Government Bonds; Maximum Rate of Interest.
215.845 - Certain Special Laws Establishing Interest Rates on Bonds Prohibited.
215.85 - Direct Deposit of Public Funds.
215.86 - Management Systems and Controls.
215.91 - Florida Financial Management Information System; Board; Council.
215.92 - Definitions Relating to Florida Financial Management Information System Act.
215.93 - Florida Financial Management Information System.
215.94 - Designation, Duties, and Responsibilities of Functional Owners.
215.95 - Financial Management Information Board.
215.96 - Coordinating Council and Design and Coordination Staff.
215.962 - Standards for State Agency Use of Card-Based Technology.
215.965 - Disbursement of State Moneys.
215.966 - Refinancing of Bonds.
215.97 - Florida Single Audit Act.
215.971 - Agreements Funded With Federal or State Assistance.
215.98 - State Debt Fiscal Responsibility.
215.981 - Audits of State Agency Direct-Support Organizations and Citizen Support Organizations.