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HomeMy WebLinkAboutM-84-0520HO&NSBY & WRISENAND ATTOPNEYS AT LAW 1438 ©PIC µELL AVENUE MIAMI, FLOMDA 33131 SATUPNINO E. LVc10. n HAND DELIVERY - The Honorable Howard Gary City Manager The City Hall 3500 Pan American Drive Miami, Florida 33130 February 27, 1984 International Currency and Barter Exchange Dear Mr. Gary: TELEPHONE (305) 372.0440 INTERNATIONAL TELEX 441207 CMJW At the suggestion of Ms. Charlotte Gallogly of the Economic Development Department of the City of Miami, I hereby write to YOU, M,3N or 1'r7_•1-e , and the ric_mbers of the Citv Commission to obtain of], ic1-uil ulpport of the Cite of Miami for legislation to estaIll_1--.h ,:n (3,orrency -,no )''�.rtcr Exchange in Miami, 1lor.id,_.. T,1_��._l_.:t t�i11 to efi-cc": alr,.ady been ;slim:)n (ii1 . 1 ') in The Florida House Of_ i�Ci)YC':1'lit:l)-'�TI'fi FO}: In The Florida (bi-1:l ,;r;,1>c�r riot .;ct: <<,�_:ar-"blc . A copal of HB312 ttOclled for dour review. HB312 has the support of the Florida Department of Commerce, the Florida Comptroller's Office, and many Florida civic and international trade organizations. A subcommittee of the Florida Banking and Commerce Committee has also unanimously approved HB312 and referred it to the full House Commerce Committee, which meets on March 13, 1984. HB312 essentially authorizes the State Department of Commerce to conduct a study of the feasibility and optimal structure of the Exchange. If the bill is passed Land becomes effective on October 1,1984, we expect the study will be completed by December 1,1984. The procedure which would then be followed is: (i) the Governor and key members of the Legislature 1XIould appoint a fifteen person working carrnittee to draft the Constittiticn :nd Bylaws of the F-.clii ns_(.-, (ii) the final Constituti_cn Znd )"rl.:us would be rc-,,,ie:Ye d �:nd, if acceptable., would be pl? o . ed by the Florida Comptroller'_; Office, and (iii) the '..:ould then place the ?:chan2_e, a non-profit facility, into OpC'r3tiOn. You may recognize in this process the one followed in the establish- ment of the Insurance Exchange of the r'.mericas, which was and is supported by the City of :•?iami. 1400-1 L 84 3-20 Hon. Howard Gary February 27,1984 Page 2 Although the actual structure of the Exchange will be determined by the feasibility study, it is possible that an Insurance -Exchange -type structure will be adopted. In that event, the Exchange will be a central facility or marketplace where private sector brokers and syndicates can meet to discuss, negotiate, sell and exchange goods and services. CD The Exchange is prompted by the liquidity problems affecting most of the countries in Latin America and the Caribbean, traditionally South Florida's most important overseas markets. Barter and countertrade transactions are seen. by many as effective tools for doing business in economic hard times such as are now affecting the U.S, export industry; hence, barter and countertrade transactions are becoming increasingly important and it is estimated they now constitute over 307. of all wog. l d trade. Them is. no Exchange of this type anywhere in the world, and the concept is so interesting that it has captured the attention of major traders and brokers around the world. Indeeed, EURONO T';ZY' a leading international financial and trade magazine, 'Fias-as"-an'it will soon write a feature article on the Exchangc. TL i.s a natural project for The City of Miami, which justifiably prides itself as a Center for international trade and commerce. The members of the Ad Hoc Committee responsible for the drafting; of this legislation include, in addition to the undersigned, key members of the international trade community and representatives of organizations such as the Greater Miami Chamber of Commerce, the International Center, the Florida Exporters and Importers Association, the Florida International Bankers Association, and many more. By this letter, the Committee requests the City of Miami officially endorse HB312 (and its Senate companion bill) and unity its efforts to those currently underway to ensure the passage of this legislation. We believe the Exchange will be good for The City of ;Miami, The State of Florida and the United States of America. If you desire and deem it appropriate, one or two members of the Committee can appear at the -public presentation portion of the City Commission meeting on I,iarch 8,1984, to answer any questions you or the members of the Commission may have. Thank you for your consideration. c rely, cc: Mayor Maurice Ferre Commissioner Millard Dawkins Saturnino E. Lucio,II Commissioner Demetrio Perez Commissioner Joseph Carollo Commissioner J.L. p u-n^ier T oRNSBY &- NVIII5I:\ A\D ATTCFNEYS AT LAW c�S 3' i .r ty %cprescntatives SI-on, i,-Lherell. and cthers - i y 1 A bill to be entitled a� � 2 7►n act relating to international trade and _ J finance; providing for the erection of an 1 International Currency and Barter Exchange for i certain purpose^; providing for a committee to 6 write a constitution and hylawn for the m a CL n M l T.xchangr; providing re-uirrmente with respect aW— V a to the self -regulation thereof; providing for _ V �9 o q certain tax rxemptions and providing an o 10 exception; providing for application of the e o « 11 �•ecurities laws; providing for limitations on _ - P e 12 investrnents in Exchange members; providing an > e 1l effective date. U 15 Be It Enacted by the Legislature of the state of Florida: .� 16 - 0 'c- c 17� Section 1. International Currency and Barter od Exchange.---- s 1 1q (1) There may be created an International Currency and h �_ ? Ccrtcr Exchange, upon a determination by the Secretary of v i• ` i1 CC-.^..erce that. the Exchange may operate in an econcrric and h U a 7- trnefieial irr:nner. This dcterrination nl,,M br based on the O- Ll a73 rt. cf a feasibility r!udy corcrrnin- th£ i ssible rsul t L O cperation, rd regulation of the Lie -"range, to beLfj 7 2,' carried out under the super:irion of t.hc ''ecrrtory of 2, Cc--nercc. Nothing in this .vction, 1:oucver, s::all be 71 construed to require the £rpenc:it:re of !Late funds for the 7E purpose of conducting such feasibility study. 29 (2) The initial central office of the Exchange shall 30 be located in Dade County, but the Exchange may relocate itb 31: central office and shall have such other offices around the COOING: W.ras i. w+w1 J..w*l trp• u. bl. ri sw• law ..i. e1q 1..; rni� uwd•.I;w./ .•. w�iili www. 84-52, 0 `'� "'x °a`'ie��t`'fhl$�$ `��9u 684 s�$I(�ii@',��i�i)�Ei�Y�i �ttliPti�9(yi411`t09YY;ItlsBV�tdl�l4eal9i9���i��sa��l�as+¢c�es��rai�l,�a��vabiiess^tm�smcaa�rsmi��:�,r - .. . ' I , 242-132-1-4 state as it deems necteEary from time to time, subject to a i:etermination by the Comptroller that such relocation or such .ddltionai offices will be neceeeary for the efficient c,peration of tilt Exchange end will be in the public interest, To the oracr,t dtce:cd fcteible end convenient by the Exchange, the Exctrtncc rhell enter into cooperative working trrengements with either or both the Insurance Exchange of the i.mericas end the Greater Miami. Forcicn Trcdc Zone. Such cooperative crrangemente a:ey include, but nccd not be limited to, the .haring of phycicel feciliticE, personnel, and ir,Lcr¢aticnl (3) The purpcEe of the Exchange it to provide a i:arketpltce for the nocetiation, trrencement, exchange, sale, purchase, brckcrece, rvndicetion, underwriting, and tll activities incidente.l theretc, of foreicn currency end uxchangel and of cerviccc, goods, commoditice, raw materiels, and intereete tht.re.ir:, in to inetitutionali:cd, end, to the r..aximum extent poceiL•le, self-reoultted ftehion. It) V.itt:in 3C drys fcllowing cuch determination, 4 i committee chat.:be appointed to write the constitution end uylawe of the EKchtngc. The co.,rrittee shall conaiEt of 15 u;embere, 11 to be eppcintcd by!the Governor, 2 to br appointed by the SpoaAcr of the Fouee of F.epreeentetivea, and 2 to be appointed by the Frcridtnt of ti}c Striate. The chairman thall be elected by r. me;ority of tht committee. The committee shall trtncr,.it cuch pcopoeed constitution, bylckt, t(td other recommendations for the approval of the Cou:ptrel;ec no later then 90 dtk'e fclllotinc the tirEt meeting of the coa.itteel I41 reviewing tilt: Constitution tnd. the bylawE of thy. Egpptngel as well pa any othtr rccom-mendttfonc cede to the Comptroller by the committee, the Comptroller rhtll consider whethtr cuch constitution( bylawe, and recommendations ere reaeonably 2 • COOINGr Ityi/ is.ar ",, ti....IL type a,/ d.lau..I lose s1111r.1 1/.; wudl vndvF11n2J off sdirpsn3. ,.23 ..24 I �� ..25 ..27 ..28 L.28 ..29 L,30 L, 31 L.32 1 L,33 1.35 . 1.36 I,37 1.38 1,49 1.40 1,41 11420 I consistent with the public interest and the efficient 2 NrIctioning of the Exchanga. Tha Comptroller ahail have 30 1.44 3 days within which to approve or reject auc!t cona�:itution and 1.45 4 bylaws and shall haya the authority to rulee 1.46 3 allowing for expedited review of raccry an'atior:a Wain from 6 time to time ty the co:c::rittee. - It is cnta::'pla;ai chat the �1,47 1 Comptroller shall work closely with ct:n ccr.:Wictca o:; iris 0 promulgation of the constitution acd oy'_aws u' tt:a i.'xc!sango. 1.48 9 (5) Upon the approval by the C _?troller of the 1.49 la eonetituticn and the bylaws of tt;a Sx a^ n, suet: 1 c:aanta it shall be eutmitted to the Legislatura for its raviaw at the 1.50 12 next regular annual or special leyislativa session i_:eJiataly 13 following the date of the Comptroller'd a;:,:rovai. 5ab;act to 1.52 14 the disapproval of the constitution andbylawa by a ma]ority IS of either house of the Legislature, ty rayglution tafura the i1.53 16 end of such legislative soeslcn, the E.<c cr.�a snail have full I2 authority to function pursuant to its constirution and bylaws 11.54 It 60 days after the end of said session. Tha initial board of 1.16 19 governors of the Exchange shall conaisc of the :::e:nbor,t or the i 2Q cumzittra, to serve until the first election puryuaat to the 1.57 21I constitution and tylawa. all (6) In the event that either houaa of t^d Legislature 1.58 23� disapproves of the constitution and byiawa, the committee, in 14: consultation with the Ccmptroller, shall have 60 days from the I1,59 i 23 date or Ouch disapproval within which to dubmit an acceptable �1.60 10constitution and bylaws to the Legislature at the next 21 available regular or special geaeipn of the Legislature. I1161 29 171 The constitution and bylaws of the Exchange shallr 1.62 29 1pcluds prgyislpn that) Ali •s •i,. r ' 3 CODINGt N01.l� 1►.w♦)► type tt1 //bu../ 1,.. nt/1u� 4.; well r� hrl n.4.,..4bb0.1. ,.. • .,.,. .:. .. . •�. ,u�a wro�e�aas+uw•e.w, aum�:mromas.wbw.eua��:raec�:c, crw+ms�rrauoamam�smau.w� :.. -�u:a,+r.�su�u.�rrmuemmrvau�.i� u'niilla,i. i i � nolleu�l --- .-i.3i:--1 212-1�1-1-1 (rI Thtrc chtli be no lcE& thcr, 9 nor more than 15 1.63 • 1 Exchange any tax exemption on their incase derived from �vernoru of ttic Lx chance, tt letet one-third of whom shall 2 transactions effectuated chrouyn the t:cnan,o, got be member& of the Exehtnge. 1.64 . 3 (9) In the avant the txcttan3a conta::.plsted by this 1.1 (b) The pr4ncipc2. officee of the exchange and the 1.64 t section is finally established, the Comptroller shall :rineipal officer of it& members shall be located within this 1.65 U �2 y forthwith promulgate rulea providing for the rcioburdement by 2.. tale for the purpo&e of conducting the type of buElneEe & the Exchanja of the actual coit3 incUrrad by the Comptroller 2.: :.scribed in subsection ('). 1.66 1 in connectign with the re,3ulatlCt! slid supervision of Cho (c) All merberE and tpplicante for membership on the 1.66 1 1 Exchange. :xchange shall Eut)mit tll fintncicl information reasonably 1.67 f (10) The Florida accurltics la 4 and rules shall apply 2.: •equired by the Comptroller. 1.68 10 to the Exchange and to its ineabdrs, except as may be oxempted 2.4 (d) The Exchange chcll eettblich a security fund in 1.68 11 by the Comptroller purauant to rule. ftewaverf 2.; Iuch Lora. and anount LE mty be approved by the Comptroller, 1,69 12 (a) No such axemption ahall hare the effect of 2.1. (e) Puler r.htll be adopted prescribing eligibility for 1.69 12 allowing the Exchange to participate in a practice contrary to 2.1 ,cmberohip end the voting power, dutiee, end righte to 1.70 14 the public walfaret larticipate in the conduct and mcnagement of the affairs of �.71 li (b) No such exemption or application of the securities 2.' the Exchange by the r-em:bere thereof, such rlghtt and dutie;e tq (a laws fhall inhibit the viability, effec}ivenasa, or etriciency include, without. lim;tctior;i trir, a.anncr tnd fora of conducting 1172 11 or the exchanger and 2.1 huairyres, fl(If.nClt.l ettbility [ecui[cmentt, due€t n@m'�eCphip 117�� U III (c, No auch exa::ption snail operata contrary to the 2.1 fees, rcno ut"Pr. Cr ejtpute mechtni&m8, and r.11 other It4GSC;k ItI pyrpoaee of the Exchange set cut 1n subsection (3). 2.1 necessary or tpprerr,rtf to conduct any tusineee permitted }17{ 20; ) Heroin. Ary amcndmcnte to the constitution tnil pyla(+s phci.l 1,71 21) the Comptroller may eatablian limitatloaa on invedr-m4nta in ,2.1 Le subject tq the t.pprgytl Pf.�hc Comptroller. 1,76' 21' members of the Exchange by any person or cc+npany, consistent I2.' l..2.) (f) Electionc to Fhr comr,;ittct chtll to qpl� Qr;ctt 1,76 13. with the public interest and the efficient functioning of the ..Very 2 yedrE, r':th (tiotr pertonf receiving the utatppt 1 1�71 11 Etichanggt ,lumber of Voter ctct t)e(no elected to the coma-iq ect 1178 13 Section 2, This act Shell take effect October 11 1984. 2 (E) The Excht;nc,-e fcrtred under the provieippp gr thir if78 36 i I uectton e,4 11 not be cub,cct to any ctste or local raxeE or 1,79 21 t "cos measured b1. incor,.e't tFtn&cctigr, rur.oun) E1 or groEc i 36 reenipts, or have m y reporting requiremtnte ;n rcepect Pf. ,ch income or transactions under state and local law} 11.81 30 4 j uuthing herein chall be �1 construed to give the members pf th; 11.02 11 311 r.O�,N�: YtfJ1 ,fl ^^T III .r• J1lfirf., tr.•.'srfn,.1 t.�t �I,Jf Y".�tr�.n.d �,� fi�t�lla.f. ;4910k1 11616 ,1 M•O► drw1, ryN sit J.101,946 4.'s..1.uat Nall *.,d. "oftelined.n 6/411164/. Ij li 1 I+i W 1' .• .. r 1• i f ..•f . f f. f f .. •• l e f f 1 f .. . .. f t f f f f• - 2 ROUSE SG: '4A R7 i 3 Authorizes the creation of an International Currency and s Barter Exchange, upon m drt.errinntion by the Secretary of 14 Coc2terce that it may overate in nn economic and s benAflcial nanner. rrovidrr the loc_ntion of the F.xr_hnnge S anti authorizes certain coonerAtive nrranncnenta. Providen the purpo,es of the xciranac. .;rcvidtin for e 6 COT--mittee to r-3opt a conr,titxation and bylaws for the Exchange. Requires approval of the constitution aril 7 bylaws by the Ccm ptrollcr and the Le;rislature, And specifies certmAn mandatory provisions. Exemptn the sl Exchange from certain taxes or fees. Provides for rules. Provides for application to the Exchange of certain q securities laws And rules and provides exceptions. Provides for limitations on investments in members of the tp Exchange. l 11 • 12 13 t4 16 17 201 fit; ... .. .. s Z2{ • Z7i s 74t ]0 t al i - • a b CODING: •«fs 7. s...1 fL...yl yes ss Islsfisss (..a 90,60i.1 Is-; -srls .•df.lcsr/ •m sliniess. t ishba lshbe 2.14 2.15 2.16 f 2.17 2.18 2.19 2.20 F 2.21 i 4 —i 84-520