General Assembly Substitute Bill No. 5517
February Session, 2010
General Assembly
Substitute Bill No. 5517
February Session, 2010
AN ACT CONCERNING ETHICS AND THE OFFICE OF THE STATE TREASURER.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (n) of section 1-84 of the 2010 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(n) (1) As used in this subsection, (A) "investment services" means investment legal services, investment banking services, investment advisory services, underwriting services, financial advisory services or brokerage firm services, and (B) "principal of an investment services firm" means (i) an individual who is a director of or has an ownership interest in an investment services firm, except for an individual who owns less than five per cent of the shares of an investment services firm which is a publicly traded corporation, (ii) an individual who is employed by an investment services firm as president, treasurer, or executive or senior vice president, (iii) an employee of such an investment services firm who has managerial or discretionary responsibilities with respect to any investment services, (iv) the spouse or dependent child of an individual described in this subparagraph, or (v) a political committee established by or on behalf of an individual described in this subparagraph.
(2) The State Treasurer shall not pay any compensation, expenses or fees or issue any contract to any firm which provides investment services when (A) a political committee, as defined in section 9-601, established by such firm, or (B) an individual who, while a principal of the investment services firm, has made a contribution, as defined in section 9-601a, to, or solicited contributions on behalf of, any exploratory committee or candidate committee, as defined in section 9-601, established by the State Treasurer as a candidate for nomination or election to the office of State Treasurer. The State Treasurer shall not pay any compensation, expenses or fees or issue any contract to such [firms or principals] firm or individual during the term of office as State Treasurer, including, for an incumbent State Treasurer seeking reelection, any remainder of the current term of office. The State Treasurer shall not issue any contract to any firm which provides investment services unless (i) the State Treasurer has received from such firm a written disclosure, signed under penalty of false statement, of any such contributions made or solicited by any principal of such firm or by a political committee established by such firm at any time during the current or preceding election cycle, and (ii) the State Treasurer determines that such issuance would not violate this subdivision.
(3) Any person who makes or solicits contributions as described in subdivision (2) of this subsection and subsequently becomes a principal of an investment services firm that is awarded a contract by the State Treasurer shall, on a form prescribed by the Citizen's Ethics Advisory Board and signed under penalty of false statement, disclose such contributions or solicitations in the case of a new contract, not later than thirty days after such investment services firm receives such contract, or, in the case of an existing contract, not later than ninety days after such person becomes a principal.
This act shall take effect as follows and shall amend the following sections:
Section 1 from passage 1-84(n)
This act shall take effect as follows and shall amend the following sections:
Section 1
from passage
1-84(n)
Statement of Legislative Commissioners:
Subdivision (3) of subsection (n) was reworded for clarity.
GAE Joint Favorable Subst.-LCO
GAE
Joint Favorable Subst.-LCO