(a) Black persons having origins in any of the black African racial groups;

(b) Hispanic persons of Mexican, Puerto Rican, Dominican, Cuban, Central or South American of either Indian or Hispanic origin, regardless of race;

(c) Native American or Alaskan native persons having origins in any of the original peoples of North America; or

(d) Asian and Pacific Islander persons having origins in any of the Far East countries, South East Asia, the Indian subcontinent or the Pacific Islands. 6. The term "MWBE" for the purpose of engaging in business with the fiduciary-controlled entities covered by this section, means a business enterprise, including without limitation, a sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, corporation or other similar entity whether domestic or foreign, that is:

(a)(i) at least fifty-one percent owned by (A) one or more minority group members, or (B) one or more women, in each case, who have significant experience in asset management, brokerage, other financial services or related professional services such as accounting, valuation or legal services, or (ii) substantially owned and/or operated by women or minority group members who have significant experience in asset management, brokerage, other financial services or related professional services such as accounting, valuation or legal services;

(b) an enterprise in which such minority or women ownership or operation is real, substantial and continuing;

(c) an enterprise in which such minority or women ownership or operation has and exercises the authority to control independently the day-to-day business decisions of the enterprise;

(d) an enterprise authorized to do business in this state; and

(e) an enterprise certified by the state comptroller pursuant to section four hundred twenty-three-c of this chapter. 7. The term "MWBE financial institution" shall mean (a) as it relates to brokerage services, a registered broker dealer that is an MWBE certified pursuant to the provisions of subdivision three of section four hundred twenty-three-c of this chapter and (b) as it relates to any other financial services, an MWBE certified pursuant to the provisions of subdivision three of section four hundred twenty-three-c of this chapter that provides banking, financial advisory, insurance, financial research, valuation or other financial services. 8. The term "fiduciary-controlled entities" shall mean the common retirement fund, state teachers retirement fund, state insurance fund and state deferred compensation plan. 9. The term "best execution" shall refer to the obligation of an entity that purchases or sells publicly-traded securities to ensure the optimal mix of price improvement (getting a better price than is currently quoted), speed and likelihood of execution.