Bill Summary for H 1209 (2013-2014)
|View NCGA Bill Details||2013-2014 Session|
AN ACT TO ENHANCE THE ACCOUNTABILITY AND TRANSPARENCY OF THE STATE RETIREMENT SYSTEMS' INVESTMENT PROGRAMS BY PROVIDING FOR AUDITED FINANCIAL STATEMENTS, PERFORMANCE REVIEWS, EXPANDED AND MODERNIZED REPORTING, A SUNSET ON THE CONFIDENTIALITY OF PROPRIETARY INFORMATION, RESOURCE FLEXIBILITY FOR THE INVESTMENT MANAGEMENT DIVISION, AND OTHER MEASURES.Intro. by Dollar, Collins, S. Ross.
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House committee substitute makes the following changes to the 1st edition.
Makes technical changes.
Amends new GS 132-1.14(b), Public records for Treasurer's investment programs, making a clarifying change, providing that notwithstanding GS 132-1.2(1) and subsection (d) of this section, the specified information is public record (previously, language stated notwithstanding any other provision of the section). Provides that six specified items will not be considered public record until five years (was, 10 years) after the termination of an investment vehicle in which the State Treasurer has made an investment, including information regarding the portfolio positions in which the investment vehicle invests, capital call and distribution notices to investors of the investment vehicle, and the investment's contractual documents, to the extent stated in any clauses that place a duty of confidentiality on the State Treasurer. Deletes language that provided that any information described in these six items is to be available to the General Assembly and State Auditor at any time, even if it is not public record.
Deletes proposed changes to GS 126-5(c1), which included an exemption for employees of the Investment Management Division of the Department of State Treasurer from the provisions of GS Chapter 126.
Deletes proposed GS 147-69.12, Placement agents, which required that a person acting as a placement agent in connection with any Treasurer investment be registered as a lobbyist.
Enacts new GS 126-5(c12), which provides specified exemptions from provisions exempting employees of the Department of State Treasurer that possess specialized skills or knowledge necessary for the proper administration of investment programs from GS Chapter 126.
Amends new GS 147-69.3(h1), providing guidelines for what the investment policy statements should include.
Deletes proposed changes to GS 150B-2(8a), which provided that an investment policy statement adopted pursuant to GS 147-69.3(h1) is not included in the term "rule" for this section.
Makes conforming changes.