Senate Bill S4761

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 Via A3137 - 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-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

2017-S4761 (ACTIVE) - Summary

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

2017-S4761 (ACTIVE) - Sponsor Memo

2017-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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