Institutional Investors

New York implements interim pay-to-play ban


New York State Comptroller Thomas DiNapoli issued an executive order related to the banning of pay-to-play practices involving the $117 billion New York State Common Retirement Fund.

The order prohibits the pension fund from doing business with any investment advisor who has made a political contribution to the state comptroller or a candidate for state comptroller.

The ban parallels the proposed regulations of the US Securities and Exchange Commission and will last for two years from the date of the political contribution.

DiNapoli previously banned the use of third-party