assembly Bill A2464A

2017-2018 Legislative Session

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

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Archive: Last Bill Status - On Floor Calendar


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

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 10, 2018 advanced to third reading cal.860
May 08, 2018 reported
May 03, 2018 print number 2464a
May 03, 2018 amend and recommit to codes
Jan 03, 2018 referred to codes
May 16, 2017 reported referred to codes
Jan 20, 2017 referred to judiciary

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A2464 (ACTIVE) - Details

Law Section:
General Obligations Law
Laws Affected:
Add Art 6 §§6-101 - 6-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6933
2019-2020: A2476

A2464 (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.

A2464 (ACTIVE) - Bill Text download pdf


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

                                  2464

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 20, 2017
                               ___________

Introduced  by  M.  of  A.  DINOWITZ, GOTTFRIED, ORTIZ, STECK, PICHARDO,
  MOSLEY, BLAKE, SEAWRIGHT, BICHOTTE, COOK, COLTON, GALEF -- Multi-Spon-
  sored by -- M. of A. DAVILA, 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.
  § 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.
  §  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.

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A2464A (ACTIVE) - Details

Law Section:
General Obligations Law
Laws Affected:
Add Art 6 §§6-101 - 6-103, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6933
2019-2020: A2476

A2464A (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.

A2464A (ACTIVE) - Bill Text download pdf


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

                                 2464--A

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 20, 2017
                               ___________

Introduced  by  M.  of  A.  DINOWITZ, GOTTFRIED, ORTIZ, STECK, PICHARDO,
  MOSLEY, BLAKE, SEAWRIGHT, BICHOTTE, COOK, COLTON, GALEF,  BUCHWALD  --
  Multi-Sponsored  by  --  M. of A. DAVILA, GLICK, SIMON, TITONE -- read
  once and referred to  the  Committee  on  Judiciary  --  reported  and
  referred  to the Committee on Codes -- recommitted to the Committee on
  Codes in  accordance  with  Assembly  Rule  3,  sec.  2  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

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.
  § 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03774-02-8

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