Investment Companies (Article XII)

Statutory requirements for the organization of an investment company are contained in Article XV of the Banking Law. To assist you in meeting these requirements, we provide material outlining the procedures to be followed and the information which incorporators should provide in a "Certificate of Merit" supporting an application.

Prior to the preparation of a formal application, an outline of the proposed business plan should be submitted to the Department of Financial Services. At a minimum, the outline should include the rationale for organizing the proposed institution, the market segment it expects to serve, the names and occupations of the incorporators, the name and experience of the candidate for the position of Chief Executive Officer, and the proposed capitalization. If available, financial projections should also be included.

Upon review of the plan, a Department representative will contact you to arrange a mutually convenient time to discuss the proposal.

Information and procedure for the organization of an Investment Company (under Article XII of the Banking Law):

• Information and Procedure/Certificate of Merit
• Organization Certificate (PDF)
• Certificate of Compliance with Section 296-a of the Executive Law (PDF)
• Questionnaire (PDF)
• Authority to release information form (PDF)
• New York State Banking Law, Section 513 Compliance Affidavit (PDF)
• Litigation affidavit (PDF)
• Fingerprinting Procedure
• Financial report (PDF)
• Financial statements for individuals owning 10% or more of proposed institution's capital stock (PDF)
• Matters to be completed prior to the issuance of an Authorization Certificate (PDF)
• Affidavit of Payment of Capital Stock (PDF)
• Taxpayer ID Form (PDF)

Provisions relating to the formation of limited liability investment companies