Protecting Florida’s Investments Act (PFIA)
The Protecting Florida's Investments Act ("PFIA") requires the Florida State Board of Administration (SBA) to assemble and publish a list of "Scrutinized Companies". A state agency or local governmental entity is prohibited from contracting for goods and services of more than a certain amount with a company that is on the Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List. As well, once placed on the list of Scrutinized Companies, the SBA and its investment managers will be prohibited from acquiring those companies' securities and may be required to divest those securities if the companies do not cease the prohibited activities or take certain compensating actions. The implementation of the PFIA by the SBA will not affect the FRSTF investments in U.S. companies. The PFIA will solely affect foreign companies with certain business operations in Sudan and Iran involving the petroleum or energy sector, oil or mineral extraction, power production, or military support activities.