Assembly Bill A9899A

2017-2018 Legislative Session

Relates to financial technology products and services; establishes a regulatory sandbox program

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Archive: Last Bill Status - In Assembly Committee


  • 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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Bill Amendments

co-Sponsors

multi-Sponsors

2017-A9899 - Details

Current Committee:
Assembly Banks
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 712, Fin Serv L; add §9-x, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A2213
2021-2022: A3336

2017-A9899 - Summary

Relates to financial technology products and services; establishes a regulatory sandbox program.

2017-A9899 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9899
 
                           I N  A S S E M B L Y
 
                             February 21, 2018
                                ___________
 
 Introduced  by  M. of A. KIM, VANEL, QUART, SEPULVEDA -- Multi-Sponsored
   by -- M. of A.  LUPARDO -- read once and referred to the Committee  on
   Banks
 
 AN  ACT  to  amend the banking law, in relation to safeguarding New York
   cryptocurrency business activity and prohibiting  licensing  fees  for
   such business activity

   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  9-x  to
 read as follows:
   §  9-X. AUDIT OF CRYPTOCURRENCY BUSINESS ACTIVITY; PROHIBITING LICENS-
 ING FEES. 1. THE FOLLOWING TERMS, WHEN USED IN THIS SECTION, SHALL  HAVE
 THE FOLLOWING MEANINGS:
   (A) "CRYPTOCURRENCY BUSINESS ACTIVITY" MEANS THE CONDUCT OF ANY OF THE
 FOLLOWING TYPES OF ACTIVITIES INVOLVING NEW YORK OR A NEW YORK RESIDENT:
   (I)  RECEIVING CRYPTOCURRENCY FOR TRANSMISSION OR TRANSMITTING CRYPTO-
 CURRENCY, EXCEPT WHERE THE TRANSACTION IS UNDERTAKEN  FOR  NON-FINANCIAL
 PURPOSES AND DOES NOT INVOLVE THE TRANSFER OF MORE THAN A NOMINAL AMOUNT
 OF CRYPTOCURRENCY;
   (II) STORING, HOLDING, OR MAINTAINING CUSTODY OR CONTROL OF CRYPTOCUR-
 RENCY ON BEHALF OF OTHERS;
   (III) BUYING AND SELLING CRYPTOCURRENCY AS A CUSTOMER BUSINESS;
   (IV)  PERFORMING  EXCHANGE  SERVICES  OF  CRYPTOCURRENCY AS A CUSTOMER
 BUSINESS; OR
   (V) CONTROLLING, ADMINISTERING, OR ISSUING A CRYPTOCURRENCY.
   (B) "CRYPTOCURRENCY" MEANS A DIGITAL CURRENCY WHICH  ENCRYPTION  TECH-
 NIQUES  ARE  USED  TO  REGULATE THE GENERATION OF UNITS AND CURRENCY AND
 VERIFY THE TRANSFER OF FUNDS, OPERATING  INDEPENDENTLY  FORM  A  CENTRAL
 BANK.
   2.  ANY PERSON, CORPORATION, PARTNERSHIP OR OTHER ENTITY THAT CONDUCTS
 CRYPTOCURRENCY BUSINESS ACTIVITY SHALL BE AUDITED BY A PUBLIC OR PRIVATE
 THIRD PARTY DEPOSITORY  SERVICE.  SUCH  THIRD-PARTY  DEPOSITORY  SERVICE
 SHALL:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

multi-Sponsors

2017-A9899A (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 712, Fin Serv L; add §9-x, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A2213
2021-2022: A3336

2017-A9899A (ACTIVE) - Summary

Relates to financial technology products and services; establishes a regulatory sandbox program.

2017-A9899A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9899--A
 
                           I N  A S S E M B L Y
 
                             February 21, 2018
                                ___________
 
 Introduced  by  M.  of  A.  KIM,  VANEL, QUART, SEPULVEDA, D'URSO, RA --
   Multi-Sponsored by -- M. of A. LUPARDO -- read once  and  referred  to
   the  Committee on Banks -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the financial services law, in relation  to  creating  a
   regulatory  sandbox  program; to amend the banking law, in relation to
   safeguarding financial technology products and services and  prohibit-
   ing  licensing  fees for such products and services; and providing for
   the repeal of such provisions upon expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The financial services law is amended by adding a new arti-
 cle 7 to read as follows:
                                 ARTICLE 7
                        REGULATORY SANDBOX PROGRAM
 SECTION 701. DEFINITIONS.
         702. REPORTS; STUDIES.
         703. PROGRAM PURPOSE.
         704. APPLICATION PROCESS AND REQUIREMENTS.
         705. CONSULTATION WITH APPLICABLE AGENCIES; ADMISSION AUTHORITY;
                SCOPE; INSURANCE PRODUCTS; INVESTMENT MANAGEMENT.
         706. CONSUMER PROTECTION.
         707. EXIT REQUIREMENTS.
         708. EXTENSIONS.
         709. AUDITING BY THIRD PARTY DEPOSITORY OR CUSTODIAN SERVICES.
         710. RECORDKEEPING AND REPORTING REQUIREMENTS.
         711. RECORDS; DISCLOSURE; EVIDENTIARY EFFECT.
         712. REPORTING  REQUIREMENTS;  MONITORING;  ENFORCEMENT;  AGREE-
                MENTS.
   § 701. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE, THE FOLLOWING  TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  "SECURITIES  INVESTOR  PROTECTION  CORPORATION" MEANS A FEDERALLY
 MANDATED, NON-PROFIT, MEMBER-FUNDED, UNITED STATES  CORPORATION  CREATED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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