{"data":{"id":"us-nm/22-11-54","jurisdiction":"us-nm","citation":"22-11-54","heading":"Disclosure of third-party marketers; penalty.","body":"A. The board shall not make any investment, other than investments in publicly traded equities or publicly traded fixed-income securities, unless the recipient of the investment discloses the identity of any third-party marketer who rendered services on behalf of the recipient in obtaining the investment and also discloses the amount of any fee, commission or retainer paid to the third-party marketer for the services rendered.\nB. Information disclosed pursuant to Subsection A of this section shall be included in the quarterly performance reports of the board.\nC. Any person who knowingly withholds information required by Subsection A of this section is guilty of a fourth degree felony and shall be punished by a fine of not more than twenty thousand dollars ($20,000) or by imprisonment for a definite term not to exceed eighteen months or both.\nD. As used in this section, \"third-party marketer\" means a person who, on behalf of an investment fund manager or other person seeking an investment from the fund and under a written or implied agreement, receives a fee, commission or retainer for such services from the person seeking an investment from the fund.","path":["Chapter 22 - Public Schools","ARTICLE 11 Educational Retirement"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18522/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"e7bac8466e121f2c2da234b920dddc75d11078f9690e6f4a4112366bcf38649c","source_id":"us-nm","stale":false,"prev":"us-nm/22-11-53","next":"us-nm/22-11-55"},"notice":"GroundRules: Original legal text. Not legal advice."}