senate Bill S4761

Signed By Governor
2017-2018 Legislative Session

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

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Archive: Last Bill Status Via A3137 - Signed by Governor


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 21, 2018 signed chap.203
Aug 13, 2018 delivered to governor
Jun 13, 2018 returned to assembly
passed senate
3rd reading cal.895
substituted for s4761
Jun 13, 2018 substituted by a3137
May 02, 2018 advanced to third reading
May 01, 2018 2nd report cal.
Apr 30, 2018 1st report cal.895
Jan 03, 2018 referred to civil service and pensions
Feb 27, 2017 referred to civil service and pensions

Votes

view votes

Apr 30, 2018 - Civil Service and Pensions committee Vote

S4761
10
0
committee
10
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Civil Service and Pensions committee vote details

Civil Service and Pensions Committee Vote: Apr 30, 2018

aye wr (1)

S4761 (ACTIVE) - Details

See Assembly Version of this Bill:
A3137
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

S4761 (ACTIVE) - Summary

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

S4761 (ACTIVE) - Sponsor Memo

S4761 (ACTIVE) - Bill Text download pdf


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

                                  4761

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 27, 2017
                               ___________

Introduced  by  Sen.  GOLDEN -- (at request of the State Comptroller) --
  read twice and ordered printed, and when printed to  be  committed  to
  the Committee on Civil Service and Pensions

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06993-01-7

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