N.J. Admin. Code § 17:4A-3.9

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:4A-3.9 - Exemptions

(a) An investment management firm that would otherwise be prohibited from being engaged to provide investment management services to the Board pursuant to N.J.A.C. 17:4A-3.2 shall be exempt from such prohibition, subject to (b) and (c) below, upon satisfaction of the following requirements:

1. The investment management firm demonstrates, in writing, to the Board that:

ii. Such political contribution or payment to a political party did not exceed $ 300.00; and

i. The firm discovered the political contribution or the payment to a political party that resulted in the prohibition on business within four months of the date of such contribution or payment;

iii. The contributor obtained a return of the political contribution or payment to the political party within 60 calendar days of the date of discovery of such contribution or payment; or

2. The investment management firm demonstrates, in writing, to the Board that the violation of this subchapter was unintentional and inadvertent, and the Board determines that the beneficiaries of the PFRSNJ, the State taxpayers, and the public are best served by such an exemption.

(b) An investment management firm is entitled to no more than two exemptions in any 12-month period.

(c) An investment management firm may not utilize more than one exemption relating to political contributions or payment to a political party by the same investment management professional or third-party solicitor regardless of the time period.

N.J. Admin. Code § 17:4A-3.9

Adopted by 53 N.J.R. 1147(a), effective 7/6/2021

Recodified from 17:4A-3.10 by 56 N.J.R. 795(a) effective 5/6/2024