N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 136-2.2

Current through Register Vol. 46, No. 43, October 23, 2024

Section 136-2.2 - Definitions

The following words and phrases, as used in this Subpart, unless a different meaning is plainly required by the context, shall have the following meanings:

(a) Comptroller shall mean the Comptroller of the State of New York in his capacity as administrative head of the retirement system and the sole trustee of the fund.

(b) Consultant or advisor shall mean any person (other than an OSC employee) or entity retained by the fund to provide technical or professional services to the fund relating to investments by the fund, including outside investment counsel and litigation counsel, custodians, administrators, broker-dealers, and persons or entities that identify investment objectives and risks, assist in the selection of investment managers, securities, or other investments, or monitor investment performance.

(c) Family member shall mean any person living in the same household as the Comptroller, and any person related to the Comptroller within the third degree of consanguinity or affinity.

(d) Fund shall mean the New York State Common Retirement Fund, a fund in the custody of the Comptroller as trustee, established pursuant to section 422 of the Retirement and Social Security Law (RSSL), which holds the assets of the retirement system.

(e) Consultant or advisor shall mean any person (other than an OSC employee) or entity retained by the fund to provide technical or professional services to the fund relating to investments by the fund, including outside investment counsel and litigation counsel, custodians, administrators, broker dealers, and persons or entities that identify investment objectives and risks ; assist in the selection of investment managers, securities, or other investments ; or monitor investment performance.

(f) Investment manager shall have the meaning set forth in Retirement and Social Security Law section 424-a(2)(a).

(g) Placement agent or intermediary shall have the meaning set forth in Retirement and Social Security Law section 424-a(2)(b).

(h) Placement agent or intermediary shall mean any person or entity, including registered lobbyists, directly or indirectly engaged and compensated by an investment manager (other than a regular employee of the investment manager) to promote investments to or solicit investment by the fund, whether compensated on a flat fee, a contingent fee, or any other basis. Regular employees of an investment manager are excluded from this definition unless they are employed principally for the purpose of securing or influencing the decision to secure a particular transaction or investment by the fund. For purpose of this paragraph, the term employee shall include any person who would qualify as an employee under the Federal Internal Revenue Code of 1986, as amended, but shall not include a person hired, retained or engaged by an investment manager to secure or influence the decision to secure a particular transaction or investment by the fund.

(i) Retirement system shall mean the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System.

(j) Third party administrator shall mean any person or entity that contractually provides administrative services to the retirement system, including receiving and recording employer and employee contributions, maintaining eligibility rosters, verifying eligibility for benefits, paying benefits or maintaining any other retirement system records. Administrative services do not include services provided to the fund relating to fund investments.

(k) Unaffiliated person shall mean any person other than:

(1) the Comptroller or a family member of the Comptroller;

(2) an officer or employee of OSC;

(3) an individual or entity doing business with OSC or the fund; or

(4) an individual or entity that has a substantial financial interest in an entity doing business with OSC or the fund. For the purpose of this paragraph, the term substantial financial interest shall mean the control of the entity, whereby control means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of the entity, whether through the ownership of voting securities, by contract (except a commercial contract for goods or non-management services) or otherwise; but no individual shall be deemed to control an entity solely by reason of his being an officer or director of such entity. Control shall be presumed to exist if any individual directly or indirectly owns, controls or holds with the power to vote 10 percent or more of the voting securities of such entity.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 136-2.2

Amended New York State Register June 9, 2021/Volume XLIII, Issue 23, eff. 6/9/2021