Current through Register Vol. 41, No. 3, September 23, 2024
(a)
General. Each employee shall report all information required on the statement
of employment and financial interests for the employee, the employee's 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 provided by the OSM. The statement
consists of three major parts, (1) a listing of all financial interests,
including employment, security, real property, creditor and other financial
interests held during the course of the preceding year, (2) a certification
that none of the listed financial interests represent a direct or indirect
financial interest in an underground or surface coal mining operation except as
specifically identified and described by the employee as part of the
certificate, and (3) a certification by the reviewer that the form was
reviewed, that prohibited interests have been resolved, and that no other
prohibited interests have been identified from the statement.
(b) Listing of all financial interest. The
statement will set forth the following information regarding any financial
interest:
(1) "Employment." Any continuing
financial interests in business entities and non-profit organizations through a
pension or retirement plan, shared income, salary or other income arrangement
as a result of prior or current employment. Pension or retirement plans with a
guaranteed income need not be reported. A guaranteed income is one which is
unlikely to be changed as a result of actions taken by the division.
(2) "Securities." Any financial interest in
business entities and non-profit organizations through ownership of stock,
stock options, bonds, securities or other arrangements including trusts. An
employee is not required to report holdings in widely diversified mutual funds,
investment clubs or regulated investment companies not specializing in
underground and surface coal mining operations.
(3) "Real Property." 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) "Creditors." Debts
owed to business entities and non-profit organizations. Employees are not
required to report debts owed to financial institutions (banks, savings and
loan associations, credit unions, and the like) 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) Employee
certification, and, if applicable, a listing of exceptions.
(1) The statement will provide for a signed
certification by the employee that to the best of his knowledge, (i) 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 (ii) the
information shown on the statement is true, correct, and complete.
(2) An employee is expected to have complete
knowledge (i) of personal involvement in business enterprises such as a sole
proprietorship and partnership, his outside employment and the outside
employment of the spouse and other covered relatives, and (ii) of 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:
(i) List the financial interests;
(ii) Show the number of shares, estimated
value or annual income of the financial interests; and
(iii) Include any other information which 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 by law.
Statutory Authority
§§ 45.1-161.3 and 45.1-230 of the Code of
Virginia.
