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S04761 Summary:

BILL NOS04761
 
SAME ASSAME AS A03137
 
SPONSORGOLDEN
 
COSPNSR
 
MLTSPNSR
 
Add 424-a, R & SS L
 
Prohibits the use of placement agents or intermediaries by investment managers doing business with the common retirement fund.
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S04761 Actions:

BILL NOS04761
 
02/27/2017REFERRED TO CIVIL SERVICE AND PENSIONS
01/03/2018REFERRED TO CIVIL SERVICE AND PENSIONS
04/30/20181ST REPORT CAL.895
05/01/20182ND REPORT CAL.
05/02/2018ADVANCED TO THIRD READING
06/13/2018SUBSTITUTED BY A3137
 A03137 AMEND= Abbate
 01/26/2017referred to governmental employees
 06/14/2017reported referred to ways and means
 06/19/2017reported referred to rules
 06/19/2017reported
 06/19/2017rules report cal.475
 06/19/2017ordered to third reading rules cal.475
 06/20/2017passed assembly
 06/20/2017delivered to senate
 06/20/2017REFERRED TO RULES
 01/03/2018DIED IN SENATE
 01/03/2018RETURNED TO ASSEMBLY
 01/03/2018ordered to third reading cal.255
 03/19/2018passed assembly
 03/19/2018delivered to senate
 03/19/2018REFERRED TO CIVIL SERVICE AND PENSIONS
 06/13/2018SUBSTITUTED FOR S4761
 06/13/20183RD READING CAL.895
 06/13/2018PASSED SENATE
 06/13/2018RETURNED TO ASSEMBLY
 08/13/2018delivered to governor
 08/21/2018signed chap.203
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S04761 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4761
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    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:
 
     1    Section 1. The retirement and social security law is amended by adding
     2  a new section 424-a to read as follows:
     3    § 424-a. Use of placement agents or intermediaries prohibited.  1. The
     4  fund shall not engage, hire, invest with  or  commit  to  an  investment
     5  manager  that is using the services of a placement agent or intermediary
     6  to assist such investment manager in obtaining investments by  the  fund
     7  nor  shall the fund engage, hire, invest with or commit to an investment
     8  manager without obtaining from such investment manager  a  certification
     9  in  the form and manner prescribed by the fund stating that such invest-
    10  ment manager has not used the services of a  placement  agent  or  other
    11  intermediary  to assist such investment manager in obtaining investments
    12  by the fund.
    13    2. For the purposes of this section:
    14    (a) "investment manager" shall mean any person, other than an employee
    15  of the comptroller, or entity engaged by the common retirement  fund  to
    16  manage  a  part  or all of an investment portfolio of the fund. "Manage"
    17  shall include, but is not limited to, the analysis  of  portfolio  hold-
    18  ings,  and  the purchase, sale, and lending thereof. Any investment made
    19  by the fund pursuant to subdivision seven of section one hundred  seven-
    20  ty-seven  of  this  chapter  shall be deemed to be the investment of the
    21  fund in such investment entity rather than in the assets of such invest-
    22  ment entity.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06993-01-7

        S. 4761                             2
 
     1    (b) "placement agent or intermediary" shall mean any person or entity,
     2  including registered  lobbyists,  directly  or  indirectly  engaged  and
     3  compensated  by  an  investment  manager,  other than an employee of the
     4  investment manager,  to  assist  the  investment  manager  in  obtaining
     5  investments  by the fund whether compensated on a flat fee, a contingent
     6  fee, or any other basis. Employees of  an  investment  manager  and  its
     7  affiliates  are  excluded  from this definition unless they are employed
     8  principally for the purpose of securing or influencing the  decision  to
     9  secure a particular investment transaction or investment by the fund.
    10    § 2. This act shall take effect immediately.
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