N.Y. Retirement & Social Security Law § 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 noncitizen 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.