Requires individuals who perform compliance functions, duties or tasks to obtain a compliance officer or compliance practitioner license; establishes application and examination requirements to obtain, and continuing education requirements to maintain, licensure; permits the superintendent to issue licensing procedures and to prescribe regulations necessary for the proper supervision of compliance officers and practitioners.

New York Assembly Bill A03695 proposes that individuals performing compliance-related tasks must obtain a compliance officer or compliance practitioner license. To acquire this license, applicants would need to meet specific application and examination criteria. Maintaining the license would require ongoing education. The bill also authorizes the superintendent to establish licensing procedures and regulations to oversee compliance officers and practitioners effectively.

Supporters of the bill argue that licensing compliance professionals will standardize qualifications, ensuring that individuals in these roles possess the necessary expertise. This could lead to more effective compliance programs and reduce the risk of regulatory violations within organizations.

Critics express concerns that the licensing requirements may impose additional burdens on individuals and organizations, potentially leading to increased costs and administrative challenges. There is also apprehension that the bill could limit the pool of qualified compliance professionals, especially if the licensing process is too stringent or costly.