New York A 3614: Enacts the "New York Stock Act" prohibiting public officers and employees from using nonpublic information derived from their official positions for personal benefit

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A03614 Summary:

BILL NOA03614 

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SAME ASSAME AS S02029

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SPONSORSimon

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COSPNSRDinowitz, Burdick, Seawright, Shimsky

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MLTSPNSR

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Add Art 7-A §§112 - 112-e, Pub Off L

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Enacts the "New York Stock Act"; prohibits public officers and employees from using nonpublic information derived from their official positions for personal benefit.

Go to top A03614 Actions:

BILL NOA03614 

&nbsp

01/29/2025referred to governmental operations

01/07/2026referred to governmental operations

Go to topA03614 Committee&nbspVotes:

Go to topA03614 Floor&nbspVotes:

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

Go to topA03614 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3614

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 29, 2025
 ___________

 Introduced by M. of A. SIMON, DINOWITZ, BURDICK, SEAWRIGHT -- read once
 and referred to the Committee on Governmental Operations

 AN ACT to amend the public officers law, in relation to prohibiting
 public officers and employees from using nonpublic information derived
 from their official positions for personal benefit

 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 "New York Stock Act".
 3 § 2. The public officers law is amended by adding a new article 7-A to
 4 read as follows:
 5 ARTICLE 7-A
 6 USE OF NON-PUBLIC INFORMATION FOR
 7 PERSONAL BENEFIT PROHIBITED
 8 Section 112. Definitions.
 9 112-a. Prohibition of the use of nonpublic information for
 10 private profit.
 11 112-b. Prohibition of insider trading.
 12 112-c. Other state officials.
 13 112-d. Participation in initial public offerings.
 14 112-e. Rule of construction.
 15 § 112. Definitions. For purposes of this article, the following terms
 16 shall have the following meanings:
 17 1. "member of the legislature" means a member of the New York state
 18 senate or New York state assembly.
 19 2. "employee of the legislature" means any officer or employee of the
 20 legislature but it shall not include members of the legislature.
 21 3. "executive branch employee" means:
 22 a. any person employed in the civil service of this state;
 23 b. the governor;
 24 c. the lieutenant governor;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05609-01-5

 A. 3614 2

 1 d. the comptroller; and
 2 e. the attorney general.
 3 4. "judicial officer" means any judge or other judicial officer of
 4 this state.
 5 5. "judicial employee" means any officer or employee of the judiciary
 6 but it shall not include judicial officers.
 7 § 112-a. Prohibition of the use of nonpublic information for private
 8 profit. The legislative ethics commission shall issue interpretive guid-
 9 ance of the relevant rules of each chamber, including rules on conflicts
 10 of interest and gifts, clarifying that a member of the legislature and
 11 an employee of the legislature may not use nonpublic information derived
 12 from such person's position as a member of the legislature or employee
 13 of the legislature or gained from the performance of such person's offi-
 14 cial responsibilities as a means for making a private profit.
 15 § 112-b. Prohibition of insider trading. Subject to the rule of
 16 construction under section one hundred twelve-e of this article and
 17 solely for the purposes of insider trading prohibitions arising under
 18 the Securities Exchange Act of 1934, each member of the legislature or
 19 employee of the legislature owes a duty arising from a relationship of
 20 trust and confidence to the legislature, the state, and the citizens of
 21 this state with respect to material, nonpublic information derived from
 22 such person's position as a member of the legislature or employee of the
 23 legislature or gained from the performance of such person's official
 24 responsibilities.
 25 § 112-c. Other state officials. 1. a. The commission on ethics and
 26 lobbying in government shall issue such interpretive guidance of the
 27 relevant state ethics statutes and regulations, including the standards
 28 of ethical conduct for executive branch employees, related to use of
 29 nonpub