|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 28, 2019||reported referred to codes|
|Jan 22, 2019||referred to judiciary|
assembly Bill A2476
Current Bill Status - In Assembly Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Victor M. Pichardo
Jo Anne Simon
A2476 (ACTIVE) - Details
A2476 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2476 2019-2020 Regular Sessions I N A S S E M B L Y January 22, 2019 ___________ Introduced by M. of A. DINOWITZ, GOTTFRIED, ORTIZ, STECK, PICHARDO, MOSLEY, BLAKE, SEAWRIGHT, BICHOTTE, COOK, COLTON, GALEF, BUCHWALD -- Multi-Sponsored by -- M. of A. DAVILA, GLICK, SIMON -- read once and referred to the Committee on Judiciary AN ACT to amend the general obligations law, in relation to mandating greater levels of disclosure by non-fiduciaries that provide invest- ment advice THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The general obligations law is amended by adding a new article 6 to read as follows: ARTICLE 6 INVESTMENT TRANSPARENCY ACT SECTION 6-101. APPLICATION. 6-102. REQUIRED DISCLOSURE. 6-103. ENFORCEMENT. § 6-101. APPLICATION. THE PROVISIONS OF THIS ARTICLE ARE APPLICABLE TO INVESTMENT ADVISORS CURRENTLY NOT SUBJECT TO A FIDUCIARY STANDARD UNDER EXISTING STATE AND FEDERAL LAWS OR REGULATIONS OR BY ANY APPLICABLE STANDARDS OF PROFESSIONAL CONDUCT. "NON-FIDUCIARY INVESTMENT ADVISORS" SHALL INCLUDE, BUT NOT BE LIMITED TO INDIVIDUALS AND INSTITUTIONS THAT IDENTIFY THEMSELVES TO CONSUMERS AS "BROKERS," "DEALERS," "INVESTMENT ADVISORS," "FINANCIAL ADVISORS," "FINANCIAL PLANNERS," "FINANCIAL CONSULTANTS," "RETIREMENT PLANNERS," "RETIREMENT BROKERS," "RETIREMENT CONSULTANTS," OR BY ANY OTHER TERM THAT IS SUGGESTIVE OF INVESTMENT, FINANCIAL PLANNING, OR RETIREMENT PLANNING KNOWLEDGE OR EXPERTISE. § 6-102. REQUIRED DISCLOSURE. 1. NON-FIDUCIARY INVESTMENT ADVISORS SHALL MAKE A PLAIN LANGUAGE DISCLOSURE TO CLIENTS ORALLY AND IN WRITING AT THE OUTSET OF THE RELATIONSHIP THAT ENSURES THAT INDIVIDUAL INVESTORS ARE AWARE OF POTENTIAL CONFLICTS OF INTEREST. SUCH REQUIRED DISCLOSURE SHALL STATE THE FOLLOWING: "I AM NOT A FIDUCIARY. THEREFORE, I AM NOT EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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