The draft legislation, which has been introduced in the New York State Assembly and Senate, is identical to last year’s proposed Investment Transparency Act. As is the case with last year’s legislation, it would apply to: (1) investment advisers and other financial intermediaries that, essentially, hold themselves out as financial planners, financial consultants, retirement planners or as engaged in comparable types of businesses; and (2) which are not fiduciaries under federal law, state law, or the terms of their own internal policies (collectively, “Non-Fiduciary Financial Advisors”). It would require Non-Financial Advisors to provide certain disclosures to existing and prospective customers about the non-fiduciary nature of their relationship and the surrounding limitations. In essence, the legislation would serve as a sort of “truth in labelling” consumer protective mechanism. It would not apply to federally registered advisers, broker-dealers who are fiduciaries under state law, or broker-dealers who are not Non-Fiduciary Financial Advisors. Consequently, its scope and application would be far narrower than the Nevada’s proposed regulations or even the SEC’s proposed Regulation Best Interest, for that matter.