New York S 7494: Enacts the government response to insider fraud and trading act relating to securities fraud whistleblower incentives and protections

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S07494 Summary:

BILL NOS07494A

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SAME ASSAME AS A08016-A

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SPONSORGIANARIS

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COSPNSRKRUEGER, MAY

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MLTSPNSR

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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 S07494 Actions:

BILL NOS07494A

&nbsp

04/17/2025REFERRED TO CONSUMER PROTECTION

05/28/20251ST REPORT CAL.1415

05/29/20252ND REPORT CAL.

06/04/2025ADVANCED TO THIRD READING 

06/09/2025AMENDED ON THIRD READING 7494A

06/12/2025PASSED SENATE

06/12/2025DELIVERED TO ASSEMBLY

06/12/2025referred to codes

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO CONSUMER PROTECTION

05/28/2026COMMITTEE DISCHARGED AND COMMITTED TO RULES

05/28/2026ORDERED TO THIRD READING CAL.1367

06/01/2026PASSED SENATE

06/01/2026DELIVERED TO ASSEMBLY

06/01/2026referred to codes

Go to topS07494 Committee&nbspVotes:

Go to topS07494 Floor&nbspVotes:

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

Go to topS07494 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7494--A
 Cal. No. 1415

 2025-2026 Regular Sessions

 IN SENATE

 April 17, 2025
 ___________

 Introduced by Sen. GIANARIS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Consumer Protection --
 reported favorably from said committee, ordered to first and second
 report, ordered to a third reading, amended and ordered reprinted,
 retaining its place in the order of third reading

 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;
 18 and (ii) any monies deposited into a disgorgement fund or public benefit
 19 fund as a result of a covered enforcement action or related action.
 20 (c) "Original information" shall mean information that:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08990-04-5

 S. 7494--A 2

 1 (i) is derived from the independent knowledge or analysis of a whist-
 2 leblower;
 3 (ii) is not known to the attorney general from any other source,
 4 unless the whistleblower is the original source of the information; and
 5 (iii) is not exclusively derived from an allegation made in a judicial
 6 or administrative hearing, in a governmental report, hearing, audit or
 7 investigation or from the news media, unless the whistleblower is a
 8 source of the information. For purposes of this subparagraph: (A) an
 9 allegation is not made in a governmental report or investigatio