New York Policy Statement 102 (NPS 102) is a set of guidelines issued by the New York State Department of Financial Services (DFS) to promote the safety and soundness of New York’s financial services industry and protect the consumers of its products and services. NPS 102 is intended to provide guidance to regulated entities in the development of comprehensive risk management programs and compliance frameworks. NPS 102 sets out the requirements for risk management programs, including the establishment of a risk management framework, the identification and management of risks, the establishment of policies and procedures to address risks, the development of internal controls, and the maintenance of records. There are three types of New York Policy Statement 102: NPS 102-A, NPS 102-B, and NPS 102-C. NPS 102-A applies to state-chartered banks, trust companies, and savings and loan associations, while NPS 102-B applies to all other financial services companies, such as insurance companies, investment companies, and mortgage brokers. NPS 102-C applies to all entities subject to the DFS’s supervision and regulation.
New York Policy Statement 102
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Real estate syndicates work by multiple entities pooling money to purchase a property. The group then shares the profits from selling the property and rent. The syndicator is responsible for the acquisition, management, and distribution of profits.
New York securities fraud laws provide the state's attorney general with the power to investigate and sue any person, partnership, or corporation that employs any device or scheme to defraud or to obtain money or property by means of any false pretense, representation, or promise.
Investors in real estate syndications make money by receiving equity after the liquidation phase of a property. Generally, the sponsor makes between 30% and 40% of profits. Meanwhile, the investors split the remaining 70% to 60%. For a hands-off investment, this could be a pretty good deal!
State that there is no separate promoter group selling interests to investors, and that no syndication fees or commissions have been or will be paid to any person or entity other than the ordinary expenses of forming a business entity, including fees paid to attorneys and accountants.
The Form D filing in New York provides a four-year dealer registration period that begins on the date of such filing. The state filing fee associated with the new Form D filing will be either $300 or $1,200, depending on the size of the offering, which is consistent with New York's historical filing fees.
Policy Statement 103 provides an application procedure for exemption of governmental issuers described in GBL §359-f(1)(a) from the provisions of GBL §352-e and §359-e, subdivisions two through six.