New York A 3695: Requires individuals who perform compliance functions, duties or tasks to obtain a compliance officer or compliance practitioner license

Bill Text

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A03695 Summary:

BILL NOA03695 

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SAME ASNo Same As

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SPONSORWeprin

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COSPNSR

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MLTSPNSR

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Add Art 10 §§1001 - 1009, Fin Serv L

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Requires individuals who perform compliance functions, duties or tasks to obtain a compliance officer or compliance practitioner license; establishes application and examination requirements to obtain, and continuing education requirements to maintain, licensure; permits the superintendent to issue licensing procedures and to prescribe regulations necessary for the proper supervision of compliance officers and practitioners.

Go to top A03695 Actions:

BILL NOA03695 

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01/30/2025referred to banks

01/07/2026referred to banks

Go to topA03695 Committee&nbspVotes:

Go to topA03695 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03695 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3695

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 30, 2025
 ___________

 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
 on Banks

 AN ACT to amend the financial services law, in relation to a compliance
 officer or compliance practitioner license

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The financial services law is amended by adding a new arti-
 2 cle 10 to read as follows:
 3 ARTICLE 10
 4 COMPLIANCE OFFICER OR COMPLIANCE PRACTITIONER LICENSE
 5 Section 1001. Definitions.
 6 1002. Applicability; license.
 7 1003. License application.
 8 1004. Written examination.
 9 1005. Temporary license.
 10 1006. Fees.
 11 1007. License term; renewal.
 12 1008. Continuing education requirements.
 13 1009. Rules and regulations; authority of the superintendent.
 14 § 1001. Definitions. For purposes of this article:
 15 (a) "compliance" shall mean: (1) drafting, evaluating, applying
 16 compliance or regulatory policies and procedures; (2) designing, assess-
 17 ing or implementing compliance or regulatory controls or systems; and
 18 (3) supervising, surveilling, monitoring, reviewing, testing or report-
 19 ing non-compliance or misconduct. For purposes of this article, compli-
 20 ance tasks, duties and functions shall be performed only by an individ-
 21 ual licensed or otherwise authorized to perform such tasks, duties or
 22 functions under the title of compliance officer, regulatory officer,
 23 compliance supervisor, compliance practitioner, compliance analyst,
 24 compliance consultant, compliance counsel, compliance advisor, regulato-
 25 ry officer, regulatory manager, regulatory supervisor, regulatory prac-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07758-01-5

 A. 3695 2

 1 titioner, regulatory analyst, regulatory consultant, regulatory counsel
 2 or regulatory advisor.
 3 (b) "financial industry" and "financial services industry" shall not
 4 include any portion of the financial industry or financial services
 5 industry involving annuities.
 6 § 1002. Applicability; license. The superintendent may issue a compli-
 7 ance officer or compliance practitioner license to any individual who is
 8 trustworthy and competent to act as a compliance officer or compliance
 9 practitioner in such manner as to safeguard the interests of the people
 10 of this state and who has complied with all of the requirements set
 11 forth in this article. The holder of a license under this section may
 12 act as a compliance officer or compliance practitioner without any other
 13 additional license. Every applicant for a license under this section
 14 shall be twenty-one years of age or over at the time of the issuance of
 15 such license.
 16 § 1003. License application. (a) Before a compliance officer or
 17 compliance practitioner license or renewal thereof shall be issued by
 18 the superintendent, an applicant shall file in the office of the super-
 19 intendent a written application for such license or renewal thereof.
 20 Such application shall be in the form and contain information that the
 21 superintendent prescribes.
 22 (b) An individual signing such application shall, simultaneous with
 23 such application, submit to the superintendent fingerprints