New York A 8016: Enacts the government response to insider fraud and trading act relating to securities fraud whistleblower incentives and protections

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A08016 Summary:

BILL NOA08016A

&nbsp

SAME ASSAME AS S07494-A

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SPONSORLasher

&nbsp

COSPNSRCarroll R, Schiavoni, Tapia, Wright, Jackson, Burdick, Torres, Weprin, De Los Santos, Fall, Sayegh,
 Septimo, Levenberg, Cunningham, Lee, Taylor, Burke, Raga, Stern, Rosenthal, Hooks

&nbsp

MLTSPNSR

&nbsp

Add §353-b, Gen Bus L; amd §104, add §§410 & 411, Fin Serv L; amd §4, St Fin L; amd §63, Exec L

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Provides for securities fraud whistleblower incentives and protections; defines terms; grants whistleblower awards for one or more whistleblowers who voluntarily provide original information to the attorney general that was the basis for a successful covered enforcement action; protects whistleblowers from retaliation; authorizes the attorney general to adopt any necessary rules and regulations; makes related provisions.

Go to top A08016 Actions:

BILL NOA08016A

&nbsp

04/22/2025referred to banks

05/28/2025reported referred to codes

06/09/2025reported referred to rules

06/09/2025amend and recommit to rules 8016a

01/07/2026referred to codes

Go to topA08016 Committee&nbspVotes:

Committee:BANKS Chair:Vanel 
DATE:05/28/2025AYE/NAY:20/8 Action: Favorable refer to committee Codes VanelAyeBolognaNay

WeprinAyeMikulinNay

TaylorAyeSmullenNay

SternAyeFitzpatrickNay

SayeghAyeLemondesNay

BurkeAyeDiPietroExcused

AndersonAyeChangNay

MitaynesAyeChludzinskiNay

SeptimoAyeMolitorNay

TapiaExcused

De Los SantosAye

CunninghamAye

LeeAye

RagaAye

BurdickAye

DaisAye

JacksonAye

TorresExcused

HooksAye

WiederAye

WrightAye

YegerAye

Committee:CODES Chair:Dinowitz 
DATE:06/09/2025AYE/NAY:15/5 Action: Favorable refer to committee Rules DinowitzAyeMorinelloNay

CookAyeReillyExcused

LavineAyeMikulinNay

WeprinAyeTannousisNay

HevesiAyeAngelinoNay

SeawrightAyeMolitorNay

RosenthalAye

WalkerAye

VanelAbsent

CruzAye

EpsteinAye

BoresAye

ReyesAye

CunninghamAye

RomeroAye

AlvarezAye

Go to topA08016 Floor&nbspVotes:

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

Go to topA08016 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8016--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 22, 2025
 ___________

 Introduced by M. of A. LASHER, R. CARROLL, SCHIAVONI, TAPIA, WRIGHT,
 HOOKS, JACKSON, BURDICK, TORRES, WEPRIN, DE LOS SANTOS, FALL, SAYEGH,
 SEPTIMO, LEVENBERG, CUNNINGHAM, LEE, TAYLOR, BURKE, RAGA, STERN,
 ROSENTHAL -- read once and referred to the Committee on Banks --
 reported and referred to the Committee on Rules -- Rules Committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to the Committee on Rules

 AN ACT to amend the general business law, the financial services law,
 the state finance law and the executive law, in relation to enacting
 the "government response to insider fraud and trading act" relating to
 securities fraud whistleblower incentives and protections

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "government response to insider fraud and trading act" or the "GRIFT
 3 act".
 4 § 2. The general business law is amended by adding a new section 353-b
 5 to read as follows:
 6 § 353-b. Securities fraud whistleblower incentives and protections.
 7 1. Definitions. (a) "Covered enforcement action" shall mean: (i) any one
 8 or more enforcement actions brought by the attorney general under
 9 section three hundred fifty-three of this article that results in mone-
 10 tary sanctions exceeding one million dollars in the aggregate; or (ii)
 11 any investigations, inquiries, settlements or any other action brought
 12 or made by the attorney general in relation to a violation of this arti-
 13 cle that results in monetary sanctions exceeding one million dollars in
 14 the aggregate.
 15 (b) "Monetary sanctions" shall mean:
 16 (i) Any monies ordered to be paid, or that are otherwise paid or
 17 forfeited as a result of a covered enforcement action or related action;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08990-03-5

 A. 8016--A 2

 1 and (ii) any monies deposited into a disgorgement fund or public benefit
 2 fund as a res