Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to judiciary |
Jan 11, 2023 |
referred to judiciary |
Assembly Bill A675
2023-2024 Legislative Session
Sponsored By
DINOWITZ
Current Bill Status - In Assembly 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
Actions
co-Sponsors
Phil Steck
Rebecca Seawright
Rodneyse Bichotte Hermelyn
Vivian Cook
multi-Sponsors
Maritza Davila
Deborah Glick
Jo Anne Simon
2023-A675 (ACTIVE) - Details
2023-A675 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 675 2023-2024 Regular Sessions I N A S S E M B L Y January 11, 2023 ___________ Introduced by M. of A. DINOWITZ, STECK, SEAWRIGHT, BICHOTTE HERMELYN, COOK, COLTON, THIELE -- 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 NON-FIDUCIARY INVESTMENT ADVISORS. NON-FIDUCIARY INVESTMENT ADVISORS ARE INVESTMENT ADVISORS NOT SUBJECT TO A FIDUCIARY STANDARD UNDER STATE OR FEDERAL LAWS OR REGULATIONS OR BY ANY APPLICABLE STANDARDS OF PROFES- SIONAL CONDUCT, AND MAY INCLUDE, BUT NOT BE LIMITED TO INDIVIDUALS AND INSTITUTIONS THAT IDENTIFY THEMSELVES TO CONSUMERS AS "BROKERS," "DEAL- ERS," "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 POTENTIAL CLIENTS ORALLY AND IN WRITING PRIOR TO ENTERING INTO ANY CONTRACT WITH SUCH POTENTIAL CLIENT THAT ENSURES THE POTENTIAL CLIENT IS AWARE THAT THE FIDUCIARY STANDARD DOES NOT APPLY TO THE NON-FIDUCIARY INVESTMENT ADVISOR. SUCH EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00582-01-3
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