2010 New York Code
RSS - Retirement & Social Security
Article 9 - (420 - 425) 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.
    * NB Effective October 13, 2010