(B) The commission may not make an investment with or invest in a fund managed by an external investment manager if a placement agent receives compensation as a result of the commission’s investment. For purposes of this subsection, ‘placement agent’ means an individual directly or indirectly hired, engaged, or retained by, or serving for the benefit of or on behalf of, an external manager or an investment fund managed by an external manager, and who acts or has acted for compensation as a finder, solicitor, marketer, consultant, broker, or other intermediary in connection with making an investment with or investing in a fund managed by the external investment manager. (C) The commission may not invest in any asset or with any entity in which a commissioner has any interest. This subsection does not apply to investments that are not managed or selected by the commissioner including, but not limited to, index or mutual funds managed by a professional fund manager.” Part IV Administration of Retirement System Funds SECTION 12. Section 911310(A) of the 1976 Code, as last amended by Act 278 of 2012, is further amended to read: The South Carolina Public Employee Benefit Authority and “(A) the State Fiscal Accountability Authority, or its successor, Retirement System Investment Commission are cotrustees of the assets of the retirement system as and is ‘assets’ ‘retirement system’ are defined in Section 91610(1) and (8) in performing the functions imposed on them by law in the governance of the Retirement System. Notwithstanding any other provision of law, any reference in law to the trustee of the assets of the Retirement System must be construed to conform to the cotrusteeship as provided in this subsection. The Public Employee Benefit Authority shall hold the assets of the Retirement System in a group trust as provided in Section 91620. The Retirement System Investment Commission shall invest and reinvest the funds assets of the retirement system as is defined in Section 91610(8), subject to all the ‘retirement system’ terms, conditions, limitations, and restrictions imposed by Section 16, Article X of the South Carolina Constitution, 1895, subsection (B) of this section, and Chapter 16 of this title.”
(B) The commission may not make an investment with or invest in a fund managed by an external investment manager if a placement agent receives compensation as a result of the commission’s investment. For purposes of this subsection, ‘placement agent’ means an individual directly or indirectly hired, engaged, or retained by, or serving for the benefit of or on behalf of, an external manager or an investment fund managed by an external manager, and who acts or has acted for compensation as a finder, solicitor, marketer, consultant, broker, or other intermediary in connection with making an investment with or investing in a fund managed by the external investment manager. (C) The commission may not invest in any asset or with any entity in which a commissioner has any interest. This subsection does not apply to investments that are not managed or selected by the commissioner including, but not limited to, index or mutual funds managed by a professional fund manager.” Part IV Administration of Retirement System Funds SECTION 12. Section 911310(A) of the 1976 Code, as last amended by Act 278 of 2012, is further amended to read: “(A) The South Carolina Public Employee Benefit Authority and the State Fiscal Accountability Authority, or its successor, Retirement System Investment Commission are cotrustees of the assets of the retirement system as ‘assets’ and ‘retirement system’ is are defined in Section 91610(1) and (8) in performing the functions imposed on them by law in the governance of the Retirement System. Notwithstanding any other provision of law, any reference in law to the trustee of the assets of the Retirement System must be construed to conform to the cotrusteeship as provided in this subsection. The Public Employee Benefit Authority shall hold the assets of the Retirement System in a group trust as provided in Section 91620. The Retirement System Investment Commission shall invest and reinvest the funds assets of the retirement system as ‘retirement system’ is defined in Section 91610(8), subject to all the terms, conditions, limitations, and restrictions imposed by Section 16, Article X of the South Carolina Constitution, 1895, subsection (B) of this section, and Chapter 16 of this title.”
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