Tag: New Mexico

New Mexico Regulates the Use of Placement Agents

Flag_of_New_Mexico

New Mexico, like New York and California is regulating the use of placement agents. The state has adopted the New York Model and banned any future investments with money managers who employ third-party placement agents. They have also instituted enhanced disclosure requirements.

The New Mexico State Investment Council policy will preclude any investments being made with money managers who use outside placement agents to market their fund. This is a complete ban of third-party marketers. Money managers who use internal marketing teams will have to disclose details of their relationships. Fees paid to attorneys, consultants, brokers, administrators and others related to investments will also require disclosure under the new rules.

The policy was enacted at the end of May, 2009. (I just realized that I forgot to write a post about it.)

References:

Six States Now Require Social Security Number Protection Policies

Miriam Wugmeister, Nathan D. Taylor of Morrison & Foerester wrote the December Privacy and Data Security Update: Six States Now Require Social Security Number Protection Policies.

  • Connecticut – Ct. H.B. 5658.
  • Massachusetts – 201 Mass. Code Regs. §§ 17.01 – 17.04.
  • Michigan – Mich. Comp. Laws § 445.84.
  • New Mexico – N.M. Stat. §§ 57-12B-2 – 57-12B-3.
  • New York – N.Y. Gen. Bus. Law § 3990dd(4).
  • Texas – Tex. Bus. & Com. Code § 35.581 (effective through March 31, 2009); Tex. Bus. & Com. Code § 501.051 – 501.053 (effective April 1, 2009).

These state SSN protection policy requirements highlight the importance of maintaining up-to-date privacy policies that comply with the evolving requirements under applicable state laws.  To get started, an organization should consider taking the following steps:

  • determine if you collect or maintain SSNs;
  • review your policies and procedures that are employee-facing to determine if you have sufficient policies to meet the obligations under the various state laws;
  • update your policies and procedures as needed;
  • train employees on the new policies and procedures; and
  • audit your employees to ensure that they are complying with your policies and procedures.