2019 New York Laws
RSS - Retirement and Social Security
Article 4-A - Investments of Public Pension Funds
176 - Definitions.

§  176.  Definitions.  1.  The  term  "fund",  as used in this article
four-a, shall mean any public retirement system or  pension  fund  which
grants  retirement  or  pension benefits to employees of the city of New
York, employees of the state of New York, employees of any department or
agency of the city of New York or the state of New York,  and  employees
of any municipality or other participating employer participating in the
New  York  state  and local employees' retirement system or the New York
state and local police and fire retirement system.
  2. The term "conventional mortgage", as used in this  article  four-a,
shall  mean  (a)  any  single  bond  and  mortgage  or note and mortgage
constituting  a  first  lien  upon  real  estate  (including   leasehold
estates), not insured by the federal housing administrator or any of his
successors  in  office  or  guaranteed  by  the  United States under the
provisions of the national housing act, as amended or supplemented,  (b)
first  mortgage  bonds issued under an indenture of mortgage and deed of
trust, constituting a first lien upon real estate  (including  leasehold
estates), and issued to a corporate trustee authorized to act as such in
this state and approved by the fund.
  3.  The term "insured mortgage", as used in this article four-a, shall
mean any single bond and mortgage or note and  mortgage  constituting  a
first  lien  upon  real estate (including leasehold estates), insured by
the federal housing administrator or any of his successors in office and
guaranteed by the United States under the  provisions  of  the  national
housing act, as amended or supplemented.
  4. The term "MWBE asset manager" shall mean an asset manager in any of
the  following  asset classes: public equity or fixed income securities,
hedge funds, fund of hedge  funds,  private  equity  (including  venture
capital),  fund  of  private equity funds, real estate investment funds,
fund of real estate funds,  or  any  other  asset  class  for  which  an
applicable  fiduciary-controlled  entity engages external asset managers
that is (a) a MWBE; and (b) a registered investment  advisor  or  exempt
from  such  registration and (c) certified pursuant to the provisions of
subdivision  three  of  section  four  hundred  twenty-three-c  of  this
chapter.
  5. The term "minority group member" shall mean a United States citizen
or permanent resident alien who is and can demonstrate membership in one
of the following groups:
  (a)  Black  persons  having origins in any of the black African racial
groups;
  (b) Hispanic persons  of  Mexican,  Puerto  Rican,  Dominican,  Cuban,
Central   or  South  American  of  either  Indian  or  Hispanic  origin,
regardless of race;
  (c) Native American or Alaskan native persons having origins in any of
the original peoples of North America; or
  (d) Asian and Pacific Islander persons having origins in  any  of  the
Far  East  countries,  South  East  Asia, the Indian subcontinent or the
Pacific Islands.
  6. The term "MWBE" for the purpose of engaging in  business  with  the
fiduciary-controlled  entities covered by this section, means a business
enterprise,  including  without  limitation,  a   sole   proprietorship,
partnership, limited partnership, limited liability partnership, limited
liability  company, corporation or other similar entity whether domestic
or foreign, that is:
  (a)(i) at least fifty-one percent owned by (A) one  or  more  minority
group  members,  or  (B)  one  or  more  women,  in  each case, who have
significant experience in asset management, brokerage,  other  financial
services  or related professional services such as accounting, valuation
or legal services, or (ii) substantially owned and/or operated by  women

or  minority  group  members  who  have  significant experience in asset
management, brokerage, other financial services or related  professional
services such as accounting, valuation or legal services;
  (b)  an  enterprise  in  which  such  minority  or  women ownership or
operation is real, substantial and continuing;
  (c) an enterprise  in  which  such  minority  or  women  ownership  or
operation  has  and exercises the authority to control independently the
day-to-day business decisions of the enterprise;
  (d) an enterprise authorized to do business in this state; and
  (e) an enterprise certified  by  the  state  comptroller  pursuant  to
section four hundred twenty-three-c of this chapter.
  7.  The term "MWBE financial institution" shall mean (a) as it relates
to brokerage services, a  registered  broker  dealer  that  is  an  MWBE
certified  pursuant  to  the  provisions of subdivision three of section
four hundred twenty-three-c of this chapter and (b) as it relates to any
other financial services, an MWBE certified pursuant to  the  provisions
of  subdivision  three  of  section  four hundred twenty-three-c of this
chapter that provides banking, financial advisory, insurance,  financial
research, valuation or other financial services.
  8.  The  term  "fiduciary-controlled  entities"  shall mean the common
retirement fund, state teachers retirement fund,  state  insurance  fund
and state deferred compensation plan.
  9.  The  term  "best  execution"  shall  refer to the obligation of an
entity that purchases or sells publicly-traded securities to ensure  the
optimal  mix  of  price  improvement  (getting  a  better  price than is
currently quoted), speed and likelihood of execution.