Code of Massachusetts Regulations
840 CMR - PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION
Title 840 CMR 17.00 - Standards Of Conduct For Fiduciaries And Qualified Investment Managers
Section 17.03 - Standards of Conduct for Fiduciaries
Universal Citation: 840 MA Code of Regs 840.17
Current through Register 1531, September 27, 2024
Every fiduciary shall know and comply with all applicable provisions of M.G.L. c. 268A governing the conduct of public officials and employees and shall conform to the standards of conduct prescribed by M.G.L. c. 268A, § 23.
(1) Every fiduciary shall:
(a) Comply with the standards set
forth in
840 CMR 1.00
(b) operate in accordance with retirement
system procedures, documents and instruments; and
(c) inform each retirement system qualified
investment manager of the Code of Ethics and Standards of Conduct applicable to
qualified investment managers pursuant to
840 CMR
17.02 and
17.04.
(2) No fiduciary shall:
(a) receive additional compensation for
services as a retirement board fiduciary if he or she is employed full- time by
an employer whose employees are members of that retirement system except as
otherwise provided by law;
(b) deal
with retirement system assets for his or her own account or in his or her own
interest;
(c) act in any manner
affecting a retirement system on behalf of any person or organization whose
interests are adverse to the interests of the system, its members or
beneficiaries;
(d) receive anything
of value for his or her own personal account from any person or organization in
connection with a transaction involving retirement system assets; or
(e) cause a retirement system to engage in a
transaction which involves, directly or indirectly, a sale, exchange, lease or
transfer of assets to or from, or the use of assets by or for the benefit of,
or the furnishing of goods, services or facilities to or by, or the lending of
money or extension of credit to or by, a party in interest. A party in interest
includes:
1. any board member, fiduciary,
employee, broker, agent or person providing services to the board;
2. any organization of members of the
retirement system;
3. any
corporation, partnership, or trust or estate of which or in which 10% or more
of:
a. the voting stock or value of all stock
of such corporation;
b. the
interest in capital or profits of such partnership; or
c. the beneficial interest of such trust or
estate is owned directly or indirectly by persons described in 840 CMR
17.03(2)(e)1.; and
4.
any spouse, ancestor, lineal descendant, or spouse of a lineal descendant of
any individual described in 840 CMR 17.03(2)(e)1.
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