§ 1-04 Investments in Publicly Traded Securities.
RCNY § 1-04
(a)Definition of a Firm Whose Shares are Publicly Traded. For purposes of Section 2604(a)(1)(b) of the Charter, "a firm whose shares are publicly traded" means a firm that offers or sells its shares to the public and is listed and registered with the Securities Exchange Commission for public trading on national securities exchanges or over-the-counter markets.
(b)Investments Held in IRAs. For purposes of Charter Section 2601(16), an "ownership interest" includes investments in firms held in an individual retirement account ("IRA"), Roth IRA, Simplified Employee Pension IRA, or Keogh plan, provided that the investment is not otherwise excluded from the definition of "ownership interest." (c) Public Debt Obligations.
(1)Except as provided in paragraph (2) of this subdivision, for purposes of Charter Section 2604(a)(1) and Section 2601(11), a public servant is not prohibited from owning debt obligations issued by the City or "other similar entities" as defined in 53 RCNY § 1-08.
(2)For purposes of Charter Section 2604(b)(2), Section 2604(b)(3), and Section 2604(b)(4), a public servant, prior to becoming personally and substantially involved in the issuance and/or management of City debt obligations, must divest their ownership in such debt obligations, and for the duration of such involvement may not buy or hold such City debt obligations on behalf of the public servant or an associated person or firm. For purposes of Charter Section 2604(b)(3), a public servant who is personally and substantially involved in the issuance and/or management of City debt obligations may not trade, or participate in trading, City debt obligations on behalf of, or for the account of, an associated person or firm. (Amended City Record 2/22/2021, eff. 3/24/2021)
