Indiana Administrative Code
Title 312 - NATURAL RESOURCES COMMISSION
Article 25 - COAL MINING AND RECLAMATION OPERATIONS
Rule 8 - Restriction on Financial Interest of State Employees
Section 8-7 - Reporting requirements
Universal Citation: 312 IN Admin Code 8-7
Current through March 20, 2024
Authority: IC 14-34-1-3
Affected: IC 14-34-2-6
Sec. 7.
(a) Each employee shall report all information required on the statement of employment and financial interests of the employee, his or her spouse, minor children, or other relatives who are full-time residents of the employee's home. The report shall be on OSM Form 705-1 as provided by the office.
(b) The statement will set forth the following information regarding any financial interest:
(1) Any continuing financial interests in
business entities and nonprofit organizations through a pension or retirement
plan, shared income, salary, or other income arrangement as a result of prior
or current employment. The employee, his or her spouse, or other resident
relative is not required to report a retirement plan from which he or she will
receive a guaranteed income. A guaranteed income is one that is unlikely to be
changed as a result of action taken by the commission.
(2) Any financial interest in business
entities and nonprofit organizations through ownership of stock, stock options,
bonds, securities, or other arrangements, including trusts. An employee is not
required to report mutual funds, investment clubs, or regulated investment
companies not specializing in underground and surface coal mining
operations.
(3) Ownership, lease,
royalty, or other interests or rights in lands or minerals. Employees are not
required to report lands developed and occupied for a personal
residence.
(4) Debts owed to
business entities and nonprofit organizations. Employees are not required to
report debts owed to financial institutions (banks, savings and loan
associations, credit unions) which are chartered to provide commercial or
personal credit. Also excluded are charge accounts and similar short term debts
for current and ordinary household and living expenses.
(c) Requirements for employee certification, and, if applicable, a listing of exceptions are as follows:
(1) The statement will provide for a signed
certification by the employee that to the best of his or her knowledge:
(A) none of the listed financial interests
represent an interest in an underground or surface coal mining operation,
except as specifically identified and described as exceptions by the employee
as part of the certificate; and
(B)
the information shown on the statement is true, correct, and
complete.
(2) An
employee is expected to:
(A) have complete
knowledge of his or her personal involvement in business enterprises, such as a
sole proprietorship and partnership, his or her outside employment, and the
outside employment of the spouse and other covered relatives; and
(B) be aware of the information contained in
the annual financial statement or other corporate or business reports routinely
circulated to investors or routinely made available to the public.
(3) The exceptions shown in the
employee certification of the form must provide enough information for the
director to determine the existence of a direct or indirect financial interest.
Accordingly, the exceptions should:
(A) list
the financial interest;
(B) show
the number of shares, estimated value, or annual income of the financial
interests; and
(C) include any
other information that the employee believes should be considered in
determining whether or not the interest represents a prohibited
interest.
(4) Employees
are cautioned to give serious consideration to their direct and indirect
financial interests before signing the statement of certification. Signing the
certification without listing known prohibited financial interests may be cause
for imposing the penalties prescribed in section 3 of this rule, and Section
417(g) of the Surface Mining Control and Reclamation Act of 1977, Public Law
95-87.
Disclaimer: These regulations may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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