NY S08742

Prohibits New York state legislators and legislative employees from using nonpublic information gained from their official positions to make private profits, with the Legislative Ethics Commission to issue interpretive guidance clarifying this rule.

Establishes that legislators and legislative employees owe a fiduciary duty to the state and citizens regarding material nonpublic information for purposes of Securities Exchange Act of 1934 insider trading prohibitions.

Requires the Joint Commission on Public Ethics and Advisory Committee on Judicial Ethics to issue guidance clarifying that executive branch employees, judicial officers, and judicial employees cannot use nonpublic information from their positions for personal profit.

Prohibits all covered state officials from purchasing securities in initial public offerings except through methods available to the general public.

Takes effect immediately upon enactment.