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Assembly Bill A3635

2013-2014 Legislative Session

Prohibits the use of placement agents or intermediaries by investment managers doing business with the common retirement fund

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Archive: Last Bill Status - In Assembly Committee

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2013-A3635 (ACTIVE) - Details

See Senate Version of this Bill:
S4238
Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Ren §425 to be §426, add §425, R & SS L
Versions Introduced in Other Legislative Sessions:
2011-2012: A7909, S5632
2015-2016: A5054, S4927
2017-2018: A3137

2013-A3635 (ACTIVE) - Summary

Prohibits the use of placement agents or intermediaries by investment managers doing business with the common retirement fund.

2013-A3635 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3635

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 28, 2013
                               ___________

Introduced  by  M. of A. ABBATE -- (at request of the State Comptroller)
  -- read once and referred to the Committee on Governmental Employees

AN ACT to amend the retirement and social security law, in  relation  to
  prohibiting  the  use  of  placement agents by managers doing business
  with the common retirement fund

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  425 of the retirement and social security law is
renumbered section 426 and a  new  section  425  is  added  to  read  as
follows:
  S  425.  USE OF PLACEMENT AGENTS OR INTERMEDIARIES PROHIBITED.  1. THE
FUND SHALL NOT ENGAGE, HIRE, INVEST WITH  OR  COMMIT  TO  AN  INVESTMENT
MANAGER  THAT IS USING THE SERVICES OF A PLACEMENT AGENT OR INTERMEDIARY
TO ASSIST SUCH INVESTMENT MANAGER IN OBTAINING INVESTMENTS BY  THE  FUND
NOR  SHALL THE FUND ENGAGE, HIRE, INVEST WITH OR COMMIT TO AN INVESTMENT
MANAGER WITHOUT OBTAINING FROM SUCH INVESTMENT MANAGER  A  CERTIFICATION
IN  THE FORM AND MANNER PRESCRIBED BY THE FUND STATING THAT SUCH INVEST-
MENT MANAGER HAS NOT USED THE SERVICES OF A  PLACEMENT  AGENT  OR  OTHER
INTERMEDIARY  TO ASSIST SUCH INVESTMENT MANAGER IN OBTAINING INVESTMENTS
BY THE FUND.
  2. FOR THE PURPOSES OF THIS SECTION:
  (A) "INVESTMENT MANAGER" SHALL MEAN ANY PERSON, OTHER THAN AN EMPLOYEE
OF THE COMPTROLLER, OR ENTITY ENGAGED BY THE COMMON RETIREMENT  FUND  TO
MANAGE  A  PART  OR ALL OF AN INVESTMENT PORTFOLIO OF THE FUND. "MANAGE"
SHALL INCLUDE, BUT IS NOT LIMITED TO, THE ANALYSIS  OF  PORTFOLIO  HOLD-
INGS,  AND  THE PURCHASE, SALE, AND LENDING THEREOF. ANY INVESTMENT MADE
BY THE FUND PURSUANT TO SUBDIVISION SEVEN OF SECTION ONE HUNDRED  SEVEN-
TY-SEVEN  OF  THIS  CHAPTER  SHALL BE DEEMED TO BE THE INVESTMENT OF THE
FUND IN SUCH INVESTMENT ENTITY RATHER THAN IN THE ASSETS OF SUCH INVEST-
MENT ENTITY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02589-01-3

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