N.J. Admin. Code § 17:16-4.2

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:16-4.2 - Definitions

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:

"Control" means the power to exercise a controlling influence over the management or policies of an investment management firm or political action committee.

"Investment management firm" means one or more natural persons, corporations, partnerships or other entities, incorporated or unincorporated, that provide investment management services.

"Investment management professional" means:

1. Any person associated with an investment management firm who is primarily engaged in the provision of investment management services;

2. Any person associated with an investment management firm involved in client development or the solicitation of business from pension fund clients, including pension fund clients that are not State Pension and Annuity Fund clients;

3. Any person associated with an investment management firm who is a supervisor of any person described in 1 or 2 above, up through and including the Chief Executive Officer or similarly situated official; or

4. Any person associated with an investment management firm, its parent company, or any other entity that controls the investment management firm, who is a member of the executive or management committee of such firm or controlling entity, or similarly situated officials, if any.

"Investment management services" means:

1. The business of making or recommending investment management decisions for or on behalf of a State Pension and Annuity Fund;

2. The business of advising or managing a separate entity which makes or recommends investment management decisions for or on behalf of a State Pension and Annuity Fund, including as general partner, investment manager, or similar entity of an investment vehicle; or

3. The provision of financial advisory or consultant services to a State Pension and Annuity Fund.

"Investment vehicle" means an investment in which a State Pension and Annuity Fund invests directly under N.J.A.C. 17:16-23.2(a)2, 71.2(a)1, 90.2(a)1, or 100.2(a)1.

"Payment" means any gift subscription, loan, advance, or deposit of money or anything of value.

"Political contribution" means any gift, subscription, loan, advance, or deposit of money or anything of value made:

1. For the purpose of influencing any election for State office;

2. For the purpose of influencing any election for local office by a person who is also:

i. A State official; or

ii. An employee or advisor of either the State or a State official;

3. For payment of debt incurred in connection with any such election; or

4. For transition or inaugural expenses incurred by the successful candidate in any such election.

"Political party" means any political party or political committee organized in the State, including, without limitation, State legislative leadership committees, county committees, and independent committees. The term "political party" does not include a Federal or national campaign committee or a non-State political committee, even if such Federal or national or non-State political committee makes payments or contributions to which this subchapter would otherwise apply.

"Separate account" means an investment vehicle in which a State Pension and Annuity Fund is the sole investor that is unaffiliated with the investment vehicle's sponsor or manager.

"State official" means any person (including any election or political action committee for such person) who was, at the time of the political contribution, an incumbent, candidate or successful candidate for Governor or for a seat in the Legislature. Communication with a State official includes communication with the employees and advisors of such official.

"State Pension and Annuity Fund" means any Pension and Annuity Fund or any Common Pension Fund.

"Supervisor" means a person who has supervisory responsibility (whether or not related to investment management activities) for an investment management professional.

"Third party solicitor" means a third party placement agent or lobbyist who solicits investment management business through direct or indirect communication with a State officer, employee, or official on behalf of an investment management firm, but does not include any person whose sole basis of compensation from the investment management firm is the actual provision of legal, accounting, engineering, real estate, or other professional advice, services, or assistance. The term "third party solicitor," when used with respect to a particular investment management firm, shall not include a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the investment management firm; a third-party placement agent or lobbyist who solicits clients other than the Division to engage that investment management firm to provide investment management services; or a third-party placement agent or lobbyist who solicits the Division on behalf of another investment management firm.

N.J. Admin. Code § 17:16-4.2

Amended by R.2005 d.275, effective 8/15/2005.
See: 37 N.J.R. 1126(a), 37 N.J.R. 3050(a).
Rewrote 4. in "Investment management professional" definition.
Amended by R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
Rewrote definition "Control"; deleted definitions "Council" and "State"; in definition "Investment management services", substituted "Pension and Annuity Fund" for "pension fund" throughout; in definition "Political party", delete quotes preceding and following "independent"; in definition "Third party solicitor", deleted "the state or" following "communication with" and inserted "officer, employee or" preceding "official".
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
Rewrote paragraph 2 of definition "Investment management professional"; rewrote definitions "Investment management services", "Political party", and "Third party solicitor"; and added definitions "Investment vehicle", "Separate account", "State Pension and Annuity Fund", and "Supervisor".

Amended by 53 N.J.R. 1857(a), effective 11/1/2021