Bill > A03695

This bill establishes a new licensing framework for compliance officers and compliance practitioners in the financial services industry in New York. The bill requires individuals performing compliance functions to obtain a specific license, which involves meeting several key requirements. Applicants must be at least 21 years old and must pass a written examination demonstrating their qualifications, which typically involves having two years of experience in the financial industry with a bachelor's degree or five years of practical experience, along with completing 35 hours of formal training. The license is valid for two years and requires 36 hours of continuing education during each biennial period. Applicants must undergo a background check, and individuals with felony convictions or crimes involving fraudulent practices are generally disqualified from obtaining the license. The superintendent of financial services is granted broad authority to prescribe regulations, determine licensing procedures, and establish standards for compliance professionals. The license is designed to ensure that individuals performing compliance tasks are trustworthy, competent, and capable of safeguarding the interests of the people of New York. Notably, the bill explicitly excludes the annuities sector from its scope and provides some exemptions, such as for government employees performing compliance duties and certain military veterans.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A3695