EveryAILaw.comDoes New York RAISE Act require Record-Keeping & Documentation?
New York • enacted
Yes — 1 provision
Requirements at a glance
This regulation imposes 6 specific requirements for Record-Keeping & Documentation across 1 provision:
- Current filing and assessment — A covered large frontier developer may not develop, deploy or operate a frontier model wholly or partly in New York without a current disclosure statement filed with the DFS Office and payment of its required pro rata share of the department's Article 44-B operating expenses (§ 1428(1), (4))
- Renewal events — File in the form and manner prescribed by the Office and renew every two years, upon transfer of frontier-model ownership, or upon a material change to previously reported information, whichever occurs first (§ 1428(2))
- Business identity and offices — Identify the developer, every name under which it does business, its principal place of business and each New York office (§ 1428(3)(a)-(b))
- Conditional beneficial-owner history — If the developer or ultimate parent is private or closely held, list current persons or entities with at least a 5% beneficial interest and persons who formerly held at least a 5% beneficial interest in the owner or its predecessors during the preceding five years. If the owner or ultimate parent is publicly traded, list current persons or entities with at least a 50% beneficial interest (§ 1428(3)(c))
- Government contacts — Identify primary, secondary and tertiary contacts; the primary contact receives Article 44-B inquiries from the Office or other governmental entities (§ 1428(3)(d))
- Public filer list boundary — The Office must publish a list of large frontier developers that filed disclosure statements, excluding their contact information. Section 1428(6) does not state that the disclosure statements themselves are public
Large Frontier Developer Disclosure
Requirements
| Requirement | Details |
|---|---|
| Current filing and assessment | A covered large frontier developer may not develop, deploy or operate a frontier model wholly or partly in New York without a current disclosure statement filed with the DFS Office and payment of its required pro rata share of the department's Article 44-B operating expenses (§ 1428(1), (4)) |
| Renewal events | File in the form and manner prescribed by the Office and renew every two years, upon transfer of frontier-model ownership, or upon a material change to previously reported information, whichever occurs first (§ 1428(2)) |
| Business identity and offices | Identify the developer, every name under which it does business, its principal place of business and each New York office (§ 1428(3)(a)-(b)) |
| Conditional beneficial-owner history | If the developer or ultimate parent is private or closely held, list current persons or entities with at least a 5% beneficial interest and persons who formerly held at least a 5% beneficial interest in the owner or its predecessors during the preceding five years. If the owner or ultimate parent is publicly traded, list current persons or entities with at least a 50% beneficial interest (§ 1428(3)(c)) |
| Government contacts | Identify primary, secondary and tertiary contacts; the primary contact receives Article 44-B inquiries from the Office or other governmental entities (§ 1428(3)(d)) |
| Public filer list boundary | The Office must publish a list of large frontier developers that filed disclosure statements, excluding their contact information. Section 1428(6) does not state that the disclosure statements themselves are public |
Penalties
| Violation | Fine |
|---|---|
| No current disclosure or uncorrected false information (§ 1428(5)) | After notice and hearing, the Office may levy $1,000 for each day the entity fails to file the required disclosure or correct false information |
| Unpaid assessment (§ 1428(5)) | After notice and hearing, the Office may levy an amount equal to the assessments owed, in addition to other applicable penalties or liability |