Prohibited financial interests.

CFR · 2024-01-01 · US · Title 5

(a) (1) A depository institution or any of its affiliates; or (2) A primary government securities dealer or any of its affiliates, if such employee has regular, ongoing access to Class I Federal Open Market Committee information. (b) (1) (i) Owns a bank and either the holding company or the bank is exempt under the Bank Holding Company Act of 1956, 12 U.S.C. 1841 (ii) Owns a thrift and its predominant activity is not the ownership or operation of banks and thrifts; or (iii) Owns a primary government securities dealer and its predominant activity is not the ownership or operation of banks, thrifts or securities firms. (2) (i) The fund does not have a stated policy of concentration in the financial services industry; and (ii) Neither the employee nor the employee's spouse exercises or has the ability to exercise control over the financial interests held by the fund or their selection. (3) (c) (1) Extenuating circumstances exist, such as that ownership or control was acquired: (i) Prior to Federal Reserve employment; (ii) Through inheritance, gift, merger, acquisition, or other change in corporate structure, or otherwise without specific intent on the part of the employee, spouse, or minor child to acquire the debt or equity interest; or (iii) By an employee's spouse as part of a compensation package in connection with the spouse's employment or prior to marriage to the employee; (2) The employee makes a prompt and complete written disclosure of the interest; (3) The employee's

official document · source cfr-2024 · id 5:§ 6801.103