§ 423-c. MWBE asset management and financial institution strategy. 1.
Within the discretion of the state comptroller and in accordance with
and subject to his or her fiduciary duties and obligations as trustee of
the common retirement fund and to the members, retirees and
beneficiaries of such fund and such other investment limitations as may
be prescribed by this chapter, the comptroller is authorized to
establish an MWBE asset management and financial institution strategy
including reasonable goals for utilization of MWBE asset managers, MWBE
financial institutions and MWBE financial and professional service
firms, which strategy shall include, but shall not be limited to, the
following objectives:

(a) investing assets of the common retirement fund with MWBE asset
managers;

(b) subject to best execution: (i) conducting trades of public equity
securities with MWBE financial institutions; and (ii) conducting trades
of fixed-income securities through MWBE financial institutions;

(c) allocating investments of assets of the common retirement fund
either through: (i) direct investments in the equities and debt
securities of MWBEs; or (ii) indirectly through special programs
involving MWBE asset managers; and

(d) awarding contracts for accounting, banking, financial advisory,
insurance, legal, research, valuation and other financial and
professional services to MWBE financial institutions and other MWBE
professional service firms.

2. The comptroller is also authorized to: (a) periodically advertise
the existence of the strategy established in this section so that MWBE
asset managers, MWBE financial institutions and other MWBE professional
service firms are made aware of the opportunities made available
pursuant to such strategy;

(b) within sixty days of the end of each fiscal year following the
effective date of this section, the state comptroller shall report to
the governor, legislature and the chief diversity officer of the state
of New York on the participation of MWBE asset managers, MWBE financial
institutions and MWBE professional service providers in investment and
brokerage transactions with or as providers of services for the common
retirement fund, including a comparative analysis of such activity
relative to such activity with all asset managers, financial
institutions and professional service providers for the relevant period
and on the progress and success of the efforts undertaken during such
period to achieve the goals of such strategy. Each report shall be
simultaneously published on the website of the common retirement fund
for not less than sixty days following its release to the governor and
the other recipients named above;

(c) work with the other fiduciary-controlled entities to create a
database of such MWBE entities; and

(d) periodically, but not less than annually, hold a conference to
promote such strategy in conjunction with the other fiduciary-controlled
entities.

3. (a) The state comptroller shall establish and adopt a certification
process and guidelines for the sole purpose of identification and
reporting on MWBE firms providing asset management, brokerage, or other
financial or professional services as such term is defined in
subdivision six of section one hundred seventy-six of this chapter. Such
certification shall differentiate and the comptroller shall maintain
separate categories for MWBE asset managers meeting the criteria of
subparagraph (i) of paragraph (a) of subdivision six of section one
hundred seventy-six of this chapter and MWBE asset managers meeting the
criteria of subparagraph (ii) of paragraph (a) of such subdivision.

(b) Such certification process shall include, but need not be limited
to, a request for the following information relating to each managing
principal, principal, operating principal, chief financial officer,
operating vice-president, vice-president, partner, owner and employee
associated with a prospective MWBE entity:

(i) title;

(ii) position;

(iii) ownership percentage;

(iv) ethnicity;

(v) gender; and

(vi) length of service.