N.Y. RSS Law § 424-A

§ 424-a. Use of placement agents or intermediaries prohibited. 1. The\nfund shall not engage, hire, invest with or commit to an investment\nmanager that is using the services of a placement agent or intermediary\nto assist such investment manager in obtaining investments by the fund\nnor shall the fund engage, hire, invest with or commit to an investment\nmanager without obtaining from such investment manager a certification\nin the form and manner prescribed by the fund stating that such\ninvestment manager has not used the services of a placement agent or\nother intermediary to assist such investment manager in obtaining\ninvestments by the fund.\n 2. For the purposes of this section:\n (a) "investment manager" shall mean any person, other than an employee\nof the comptroller, or entity engaged by the common retirement fund to\nmanage a part or all of an investment portfolio of the fund. "Manage"\nshall include, but is not limited to, the analysis of portfolio\nholdings, and the purchase, sale, and lending thereof. Any investment\nmade by the fund pursuant to subdivision seven of section one hundred\nseventy-seven of this chapter shall be deemed to be the investment of\nthe fund in such investment entity rather than in the assets of such\ninvestment entity.\n (b) "placement agent or intermediary" shall mean any person or entity,\nincluding registered lobbyists, directly or indirectly engaged and\ncompensated by an investment manager, other than an employee of the\ninvestment manager, to assist the investment manager in obtaining\ninvestments by the fund whether compensated on a flat fee, a contingent\nfee, or any other basis. Employees of an investment manager and its\naffiliates are excluded from this definition unless they are employed\nprincipally for the purpose of securing or influencing the decision to\nsecure a particular investment transaction or investment by the fund.\n