NY Ret & SS L § 423-C (2021)
2021 New York Laws RSS - Retirement and Social Security Article 9 - Common Retirement Fund 423-C - Mwbe Asset Management and Financial Institution Strategy.

§  423-c. MWBE asset management and financial institution strategy. 1. Within the discretion of the state comptroller and  in  accordance  with and subject to his or her fiduciary duties and obligations as trustee of the   common   retirement   fund   and  to  the  members,  retirees  and beneficiaries of such fund and such other investment limitations as  may be  prescribed  by  this  chapter,  the  comptroller  is  authorized  to establish an MWBE asset management and  financial  institution  strategy including  reasonable goals for utilization of MWBE asset managers, MWBE financial institutions  and  MWBE  financial  and  professional  service firms,  which  strategy  shall include, but shall not be limited to, the following objectives:  (a) investing assets of the common retirement  fund  with  MWBE  asset managers;  (b)  subject to best execution: (i) conducting trades of public equity securities with MWBE financial institutions; and (ii) conducting  trades of fixed-income securities through MWBE financial institutions;  (c)  allocating  investments  of  assets of the common retirement fund either  through:  (i)  direct  investments  in  the  equities  and  debt securities  of  MWBEs;  or  (ii)  indirectly  through  special  programs involving MWBE asset managers; and  (d) awarding contracts for accounting,  banking,  financial  advisory, insurance,   legal,   research,   valuation   and  other  financial  and professional services to MWBE  financial  institutions  and  other  MWBE professional service firms.   2.  The  comptroller is also authorized to: (a) periodically advertise the existence of the strategy established in this section so  that  MWBE asset  managers, MWBE financial institutions and other MWBE professional service firms  are  made  aware  of  the  opportunities  made  available pursuant to such strategy;  (b)  within  sixty  days  of the end of each fiscal year following the effective date of this section, the state comptroller  shall  report  to the  governor,  legislature and the chief diversity officer of the state of New York on the participation of MWBE asset managers, MWBE  financial institutions  and  MWBE professional service providers in investment and brokerage transactions with or as providers of services for  the  common retirement  fund,  including  a  comparative  analysis  of such activity relative  to  such  activity  with   all   asset   managers,   financial institutions  and professional service providers for the relevant period and on the progress and success of the efforts  undertaken  during  such period  to  achieve  the  goals  of  such strategy. Each report shall be simultaneously published on the website of the  common  retirement  fund for  not  less than sixty days following its release to the governor and the other recipients named above;  (c) work with the other  fiduciary-controlled  entities  to  create  a database of such MWBE entities; and  (d)  periodically,  but  not  less than annually, hold a conference to promote such strategy in conjunction with the other fiduciary-controlled entities.   3. (a) The state comptroller shall establish and adopt a certification process and guidelines  for  the  sole  purpose  of  identification  and reporting  on MWBE firms providing asset management, brokerage, or other financial  or  professional  services  as  such  term  is   defined   in subdivision six of section one hundred seventy-six of this chapter. Such certification  shall  differentiate  and  the comptroller shall maintain separate categories for MWBE asset  managers  meeting  the  criteria  of subparagraph  (i)  of  paragraph  (a)  of subdivision six of section one hundred seventy-six of this chapter and MWBE asset managers meeting  the criteria of subparagraph (ii) of paragraph (a) of such subdivision.  (b)  Such certification process shall include, but need not be limited to, a request for the following information relating  to  each  managing principal,  principal,  operating  principal,  chief  financial officer, operating vice-president, vice-president, partner,  owner  and  employee associated with a prospective MWBE entity:  (i) title;  (ii) position;  (iii) ownership percentage;  (iv) ethnicity;  (v) gender; and  (vi) length of service.