Friday, August 22, 2014

Article on NY Version of UPMIFA

Harvey Dale (NYU School of Law), along with Victoria Bjorklund, Jennifer I. Reynoso, and Jillian P. Diamant (all three affiliated with Simpson Thacher & Bartlett LLP), have posted to SSRN “Evolution, Not Revolution: A Legislative History of the New York Prudent Management of Institutional Funds Act,” 17 N.Y.U.  J. Legis. & Pub. Pol’y 377 (2014).  A pdf version of the article, made available by the publishing journal, is available here.   The “roadmap” of the article, set forth in its introduction, follows:


Part I of this article examines the history of the laws that have addressed investment management and appropriation of charitable and not-for-profit assets. Part II provides an overview of the current uniform law as well as the version enacted in New York. Part III reviews the Act in detail, examining what types of organizations and funds come within the Act’s scope, assessing the evolution of the individual provisions, and, where relevant, discussing selected controversies and legislative drafting issues.  Part IV reviews the Act’s impact on other New York Laws.  Part V addresses the so-called internal affairs doctrine and related choice of law issues.  Part VI examines the importance of uniformity of interpretation of law. Part VII considers selected financial accounting rules.  Finally, Part VIII concludes the article with suggestions for further action—via technical corrections, substantive amendments, and regulatory guidance—that are recommended for clarification or correction of NYPMIFA’s current provisions.


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