Assembly Bill A3137

Signed By Governor
2017-2018 Legislative Session

prohibits use of placement agents and intermediaries in the common retirement fund

download bill text pdf

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Archive: Last Bill Status - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A3137 (ACTIVE) - Details

See Senate Version of this Bill:
S4761
Law Section:
Retirement and Social Security Law
Laws Affected:
Add §424-a, R & SS L
Versions Introduced in Other Legislative Sessions:
2011-2012: A7909
2013-2014: A3635
2015-2016: A5054

2017-A3137 (ACTIVE) - Summary

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

2017-A3137 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3137
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2017
                                ___________
 
 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. The retirement and social security law is amended by adding
 a new section 424-a to read as follows:
   § 424-A. 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.
   (B) "PLACEMENT AGENT OR INTERMEDIARY" SHALL MEAN ANY PERSON OR ENTITY,
 INCLUDING  REGISTERED  LOBBYISTS,  DIRECTLY  OR  INDIRECTLY  ENGAGED AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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