The Florida Board of Regents was from 1965 to 2001 the governing body for the State University System of Florida, which includes all public universities in the state of Florida, United States. It was created to replace a predecessor body called the Florida Board of Control, which had existed from 1905. Its powers are now held by the Florida Board of Governors.
The powers held by the Florida Board of Governors is the same powers held by the Florida Board of Control.
The context says the Florida Board of Regents replaced the Florida Board of Control and they control the State University System of Florida, but now they have been replaced by the Florida Board of Governors and that the "powers are held" by that Florida Board of Governors. However, it doesn't specify what those powers are in any detail and it's just as likely there have been new powers given and others taken away through the years. We don't know the full extent of the differences other than the broad idea that it runs the State University System in Florida. The system probably thought the language used makes it seem more likely that the powers change over time so the statement would be more incorrect than correct. 