New York Laws
Article 9 - Common Retirement Fund
424-A - Use of Placement Agents or Intermediaries Prohibited.

(a) "investment manager" shall mean any person, other than an employee
of the comptroller, or entity engaged by the common retirement fund to
manage a part or all of an investment portfolio of the fund. "Manage"
shall include, but is not limited to, the analysis of portfolio
holdings, and the purchase, sale, and lending thereof. Any investment
made by the fund pursuant to subdivision seven of section one hundred
seventy-seven of this chapter shall be deemed to be the investment of
the fund in such investment entity rather than in the assets of such
investment entity.
(b) "placement agent or intermediary" shall mean any person or entity,
including registered lobbyists, directly or indirectly engaged and
compensated by an investment manager, other than an employee of the
investment manager, to assist the investment manager in obtaining
investments by the fund whether compensated on a flat fee, a contingent
fee, or any other basis. Employees of an investment manager and its
affiliates are excluded from this definition unless they are employed
principally for the purpose of securing or influencing the decision to
secure a particular investment transaction or investment by the fund.