assembly Bill A6933

2015-2016 Legislative Session

Relates to mandating greater levels of disclosure by non-fiduciaries that provide investment advice

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Sponsored By

Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to judiciary
Apr 10, 2015 referred to judiciary

Co-Sponsors

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Multi-Sponsors

A6933 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Add Art 6 ยงยง6-101 - 6-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2017-2018: A2464
2019-2020: A2476

A6933 (ACTIVE) - Summary

Relates to mandating greater levels of disclosure by non-fiduciaries that provide investment advice; requires signed acknowledgement of disclosure informing clients that the advisor owes no fiduciary duty.

A6933 (ACTIVE) - Bill Text download pdf

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

                                  6933

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             April 10, 2015
                               ___________

Introduced  by  M.  of  A.  DINOWITZ, GOTTFRIED, ORTIZ, STECK, PICHARDO,
  MOSLEY,  BROOK-KRASNY,  BLAKE,  SEAWRIGHT,  BICHOTTE,  SILVER,   COOK,
  COLTON, GALEF -- Multi-Sponsored by -- M. of A. BRENNAN, GLICK, SIMON,
  TITONE -- read once and referred to the Committee on Judiciary

AN  ACT  to  amend the general obligations law, in relation to mandating
  greater levels of disclosure by non-fiduciaries that  provide  invest-
  ment advice

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

  Section 1. The general obligations law is  amended  by  adding  a  new
article 6 to read as follows:
                                ARTICLE 6
                       INVESTMENT TRANSPARENCY ACT
SECTION 6-101. APPLICATION.
        6-102. REQUIRED DISCLOSURE.
        6-103. ENFORCEMENT.
  S 6-101. APPLICATION. THE PROVISIONS OF THIS ARTICLE ARE APPLICABLE TO
INVESTMENT  ADVISORS CURRENTLY NOT SUBJECT TO A FIDUCIARY STANDARD UNDER
EXISTING STATE AND FEDERAL LAWS OR  REGULATIONS  OR  BY  ANY  APPLICABLE
STANDARDS  OF  PROFESSIONAL CONDUCT. "NON-FIDUCIARY INVESTMENT ADVISORS"
SHALL INCLUDE, BUT NOT BE LIMITED TO INDIVIDUALS AND  INSTITUTIONS  THAT
IDENTIFY  THEMSELVES  TO  CONSUMERS AS "BROKERS," "DEALERS," "INVESTMENT
ADVISORS,"  "FINANCIAL  ADVISORS,"  "FINANCIAL   PLANNERS,"   "FINANCIAL
CONSULTANTS,"  "RETIREMENT  PLANNERS," "RETIREMENT BROKERS," "RETIREMENT
CONSULTANTS," OR BY ANY OTHER TERM THAT  IS  SUGGESTIVE  OF  INVESTMENT,
FINANCIAL PLANNING, OR RETIREMENT PLANNING KNOWLEDGE OR EXPERTISE.
  S  6-102.  REQUIRED  DISCLOSURE.  1. NON-FIDUCIARY INVESTMENT ADVISORS
SHALL MAKE A PLAIN LANGUAGE DISCLOSURE TO CLIENTS ORALLY AND IN  WRITING
AT THE OUTSET OF THE RELATIONSHIP THAT ENSURES THAT INDIVIDUAL INVESTORS
ARE  AWARE  OF POTENTIAL CONFLICTS OF INTEREST. SUCH REQUIRED DISCLOSURE
SHALL STATE THE FOLLOWING: "I AM NOT A FIDUCIARY. THEREFORE,  I  AM  NOT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10235-03-5

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