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 |
Senate Bill S4761
Signed By Governor2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Votes
2017-S4761 (ACTIVE) - Details
2017-S4761 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4761 REVISED MEMO 05/17/2017 TITLE OF BILL : 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 PURPOSE : For the purpose of maintaining the integrity of the New York State and Local Retirement System ("System") and the New York State Common Retirement Fund ("CRF" or "Fund"), as well as to increase transparency, this bill would codify the State Comptroller's policy prohibiting the use of placement agents or intermediaries by the Common Retirement Fund. SUMMARY OF PROVISIONS : Section 1 of this bill renumbers Section 425 of the Retirement and Social Security Law as Section 426 of such Law and adds a new Section 425 to the Retirement and Social Security Law which prohibits the CRF from engaging, hiring, investing with or committing 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 CRF, and further prohibits the CRF from engaging, hiring, investing with or commit to an investment manager without obtaining from such investment manager a certification in the form and
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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