senate Bill S2596

2013-2014 Legislative Session

Authorizing trust companies to make affiliated investments and to receive fiduciary compensation for making such investments

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Archive: Last Bill Status - STRICKEN


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 03, 2014 recommit, enacting clause stricken
Jan 08, 2014 referred to banks
Jan 22, 2013 referred to banks

S2596 - Details

Current Committee:
Law Section:
Banking Law
Laws Affected:
Add ยง100-e, Bank L
Versions Introduced in 2011-2012 Legislative Session:
S5472

S2596 - Summary

Authorizes trust companies to make affiliated investments and to receive fiduciary compensation for making such investments.

S2596 - Sponsor Memo

S2596 - Bill Text download pdf

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

                                  2596

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 22, 2013
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to amend the banking law, in relation to authorizing trust compa-
  nies to make affiliated investments

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

  Section 1. The banking law is amended by adding a new section 100-e to
read as follows:
  S  100-E.  AFFILIATED  INVESTMENTS; TRANSACTIONS WITH AFFILIATES.   1.
DEFINITIONS. AS USED IN THIS SECTION:
  (A) "AFFILIATE" MEANS ANY CORPORATION OR OTHER ENTITY THAT DIRECTLY OR
INDIRECTLY THROUGH ONE OR MORE INTERMEDIARIES CONTROLS, IS CONTROLLED BY
OR IS UNDER COMMON CONTROL WITH THE FIDUCIARY.
  (B) "AFFILIATED INVESTMENT" MEANS AN INVESTMENT FOR WHICH THE  FIDUCI-
ARY  OR  AN  AFFILIATE  OF THE FIDUCIARY ACTS AS ADVISER, ADMINISTRATOR,
DISTRIBUTOR, PLACEMENT AGENT, UNDERWRITER, BROKER OR IN ANY OTHER CAPAC-
ITY FOR WHICH IT RECEIVES OR HAS RECEIVED A FEE OR COMMISSION FROM  SUCH
INVESTMENT OR AN INVESTMENT ACQUIRED OR DISPOSED OF IN A TRANSACTION FOR
WHICH  THE  FIDUCIARY  OR  AN AFFILIATE OF THE FIDUCIARY RECEIVES OR HAS
RECEIVED A FEE OR COMMISSION.
  (C) "FEE OR COMMISSION" MEANS COMPENSATION PAID TO A FIDUCIARY  OR  AN
AFFILIATE  THEREOF  ON  ACCOUNT  OF  ITS  SERVICES TO OR ON BEHALF OF AN
INVESTMENT.
  (D) "INVESTMENT" MEANS ANY SECURITY AS DEFINED IN SECTION TWO  OF  THE
FEDERAL  SECURITIES ACT OF 1933, ANY CONTRACT OF SALE OF A COMMODITY FOR
FUTURE DELIVERY WITHIN THE MEANING OF SECTION TWO OF THE FEDERAL COMMOD-
ITY EXCHANGE ACT, OR ANY OTHER ASSET PERMITTED  FOR  FIDUCIARY  ACCOUNTS
PURSUANT  TO SUBPARAGRAPH FOUR OF PARAGRAPH (B) OF SECTION 11-2.3 OF THE
ESTATES, POWERS AND TRUSTS LAW OR BY THE TERMS OF THE GOVERNING  INSTRU-
MENT,  INCLUDING,  BUT  NOT LIMITED TO, SHARES OR INTERESTS IN A PRIVATE
INVESTMENT FUND (INCLUDING A PRIVATE  INVESTMENT  FUND  ORGANIZED  AS  A

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07268-01-3

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