Senate Bill S4965

2019-2020 Legislative Session

Requires individuals who perform compliance functions, duties or tasks to obtain a compliance officer or compliance practitioner license

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Sponsored By

Archive: Last Bill Status - In Senate Committee Banks 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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2019-S4965 (ACTIVE) - Details

See Assembly Version of this Bill:
A8908
Current Committee:
Senate Banks
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 709, Fin Serv L
Versions Introduced in Other Legislative Sessions:
2021-2022: S1661, A6638
2023-2024: S5879, A7966

2019-S4965 (ACTIVE) - Summary

Requires individuals who perform compliance functions, duties or tasks to obtain a compliance officer or compliance practitioner license; establishes application and examination requirements to obtain, and continuing education requirements to maintain, licensure; and permits the superintendent to issue licensing procedures and to prescribe regulations necessary for the proper supervision of compliance officers and practitioners.

2019-S4965 (ACTIVE) - Sponsor Memo

2019-S4965 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4965
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               April 2, 2019
                                ___________
 
 Introduced  by  Sens. SKOUFIS, SAVINO -- read twice and ordered printed,
   and when printed to be committed to the Committee on Banks
 
 AN ACT to amend the financial services law, in relation to a  compliance
   officer or compliance practitioner license
 
   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
           COMPLIANCE OFFICER OR COMPLIANCE PRACTITIONER LICENSE
 SECTION 701. DEFINITION.
         702. APPLICABILITY; LICENSE.
         703. LICENSE APPLICATION.
         704. WRITTEN EXAMINATION.
         705. TEMPORARY LICENSE.
         706. FEES.
         707. LICENSE TERM; RENEWAL.
         708. CONTINUING EDUCATION REQUIREMENTS.
         709. RULES AND REGULATIONS; AUTHORITY OF THE SUPERINTENDENT.
   § 701. DEFINITION. FOR PURPOSES OF THIS  ARTICLE,  "COMPLIANCE"  SHALL
 MEAN:  (A) DRAFTING, EVALUATING, APPLYING COMPLIANCE OR REGULATORY POLI-
 CIES AND PROCEDURES; (B) DESIGNING, ASSESSING OR IMPLEMENTING COMPLIANCE
 OR  REGULATORY  CONTROLS  OR  SYSTEMS; AND (C) SUPERVISING, SURVEILLING,
 MONITORING, REVIEWING, TESTING OR REPORTING  NON-COMPLIANCE  OR  MISCON-
 DUCT.   FOR PURPOSES OF THIS ARTICLE, COMPLIANCE TASKS, DUTIES AND FUNC-
 TIONS SHALL BE PERFORMED ONLY BY AN  INDIVIDUAL  LICENSED  OR  OTHERWISE
 AUTHORIZED TO PERFORM SUCH TASKS, DUTIES OR FUNCTIONS UNDER THE TITLE OF
 COMPLIANCE  OFFICER,  REGULATORY OFFICER, COMPLIANCE SUPERVISOR, COMPLI-
 ANCE PRACTITIONER, COMPLIANCE ANALYST, COMPLIANCE CONSULTANT, COMPLIANCE
 COUNSEL, COMPLIANCE ADVISOR,  REGULATORY  OFFICER,  REGULATORY  MANAGER,

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10943-01-9
              

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