49 C.F.R. § to Subtitle A
Subpart A-General
Sec.
1 Purpose and policy.
3 Definitions.
5 Applicability.
Subpart B-Ethical and Other Conduct and Responsibilities of Employees
7 General.
9 Gifts, entertainment, and favors.
11 Outside employment and other activities.
13 Financial interests.
15 Conflicts of interest.
17 Disqualification arising from personal financial interests.
19 Use of Association property or official title.
21 Misuse of information.
23 Indebtedness.
25 Miscellaneous provisions.
Subpart C-Statements of Employment and Financial Interest
31 Employees required to submit statement.
33 Time and place for submission of employee statements.
35 Supplementary statements.
37 Committee on Commerce, Information not known by employee.
39 Information not required.
41 Confidentiality of employee's statement.
43 Interpretation and advisory service.
Subpart D-Disqualification of Former Employees in Matters Connected with Former Duties or Official Responsibilities; Disqualification of Partners
51 Matters in which employee participated personally and substantially.
53 Matters under employee's official responsibility.
55 Employee with outstanding scientific or technological qualifications.
57 Partner of employee.
Appendix 1-Categories of Financial Interests Exempted From the Prohibitions of Sections 13(a), 15, and 17(a)
49 C.F.R. §to Subtitle A
Appendix 2-List of Employees Required to Submit Statements of Employment and Financial Interests Under Section 31 [Reserved]
Authority: Sec. 202(a)(5)(2) of the Regional Rail Reorganization Act of 1973 (Pub. L. 93-236).
Source: 39 FR 3825, Jan. 30, 1974, unless otherwise noted..
Subpart A-General
span class="paragraph-hierarchy">Section 1span class="paren">./span>/span> em class="paragraph-heading">Purpose and policy.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> These regulations implement Pub. L. 93-236, The Regional Rail Reorganization Act of 1973. They prescribe standards of ethical and other conduct, and reporting requirements, for employees of the United States Railway Association (the Association). The standards and requirements are appropriate to the particular functions and activities of the Association.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> The absence of a specific published standard of conduct covering an act tending to discredit an employee of the Association does not mean that the act is condoned, is permissible, or would not call for and result in corrective or disciplinary action.
span class="paragraph-hierarchy">span class="paren">(/span>cspan class="paren">)/span>/span> Personnel of the Association shall observe standards of conduct that will reflect credit on the Association.
span class="paragraph-hierarchy">Secspan class="paren">./span> 3span class="paren">./span>/span> em class="paragraph-heading">Definitions. Unless the context requires otherwise, the following definitions apply in these regulations:
em class="paragraph-hierarchy">"Association" means the United States Railway Association established by Pub. L. 93-236.
em class="paragraph-hierarchy">"Chairman" means the Chairman of the Board of Directors of the Association.
em class="paragraph-hierarchy">"Employee" means an officer or employee of the Association.
em class="paragraph-hierarchy">"General Counsel" means the General Counsel of the Association, or his designee.
em class="paragraph-hierarchy">"Includes" means "includes but is not limited to."
em class="paragraph-hierarchy">"May" is used in a permissive sense to state authority or permission to do the act prescribed, and the words "a person may not * * *" mean that a person is not required, authorized, or permitted to do the act prescribed.
em class="paragraph-hierarchy">"Shall" is used in an imperative sense.
span class="paragraph-hierarchy">Secspan class="paren">./span> 5span class="paren">./span>/span> em class="paragraph-heading">Applicability. These regulations apply to each employee of the Association.
Subpart B-Ethical and Other Conduct and Responsibilities of Employees
span class="paragraph-hierarchy">Secspan class="paren">./span> 7span class="paren">./span>/span> em class="paragraph-heading">General.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> Each employee shall avoid any action, whether or not specifically prohibited by these regulations, which might result in or create the appearance of:
span class="paragraph-hierarchy">span class="paren">(/span>1span class="paren">)/span>/span> Using his Association office for private gain;
span class="paragraph-hierarchy">span class="paren">(/span>2span class="paren">)/span>/span> Giving preferential treatment to any person;
span class="paragraph-hierarchy">span class="paren">(/span>3span class="paren">)/span>/span> Impeding the efficiency or economy of the Association;
span class="paragraph-hierarchy">span class="paren">(/span>4span class="paren">)/span>/span> Losing complete independence or impartiality;
span class="paragraph-hierarchy">span class="paren">(/span>5span class="paren">)/span>/span> Making an Association decision outside of official channels; or
span class="paragraph-hierarchy">span class="paren">(/span>6span class="paren">)/span>/span> Affecting adversely the confidence of the public in the integrity of the Association.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> An employee may not engage in criminal, infamous, dishonest, immoral, or notoriously disgraceful conduct, or any conduct prejudicial to the integrity of the Association.
span class="paragraph-hierarchy">Secspan class="paren">./span> 9span class="paren">./span>/span> em class="paragraph-heading">Gifts, entertainment, and favors.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> Except as provided in paragraphs (b) and (c) of this section, an employee may not solicit or accept, directly or indirectly, any gift, gratuity, favor, entertainment, food, lodging, loan, or other thing of monetary value, from a person or employer of a person who:
span class="paragraph-hierarchy">span class="paren">(/span>1span class="paren">)/span>/span> Has, or is seeking to obtain, contractual or other business or financial relationships with the Association.
span class="paragraph-hierarchy">span class="paren">(/span>2span class="paren">)/span>/span> Has interests which may be substantially affected by the performance or nonperformance of that employee's official duties.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> Notwithstanding paragraph (a) of this section, an employee may:
span class="paragraph-hierarchy">span class="paren">(/span>1span class="paren">)/span>/span> Accept a gift, gratuity, favor, entertainment, loan, or other thing of value when the circumstances make it clear that an obvious family relationship rather than the business of the persons concerned is the motivating factor;
span class="paragraph-hierarchy">span class="paren">(/span>2span class="paren">)/span>/span> Accept food or refreshment of nominal value on infrequent occasions in the ordinary course of a luncheon or dinner meeting or other meeting or on an inspection tour if the employee is properly in attendance;
span class="paragraph-hierarchy">span class="paren">(/span>3span class="paren">)/span>/span> Accept unsolicited advertising or promotional material such as pens, pencils, note pads, calendars, or other items of nominal intrinsic value; or
span class="paragraph-hierarchy">span class="paren">(/span>4span class="paren">)/span>/span> Accept an invitation addressed to the Association, when approved by the General Counsel, to participate in an inaugural trip or similar ceremonial event related to transportation, and accept food, lodging, and entertainment incident thereto.
span class="paragraph-hierarchy">span class="paren">(/span>cspan class="paren">)/span>/span> An employee may not solicit a contribution from another employee for a gift to an official superior, make a donation as a gift to an official superior, or accept a gift from an employee receiving less pay than himself. However, this paragraph does not prohibit a voluntary gift of nominal value or a donation in a nominal amount made on a special occasion such as marriage, illness, retirement, or transfer.
span class="paragraph-hierarchy">Secspan class="paren">./span> 11span class="paren">./span>/span> em class="paragraph-heading">Outside employment and other activities.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> An employee may not engage in any outside employment or other outside activity which is not compatible with the full and proper discharge of the duties and responsibilities of his employment with the Association. Incompatible activities include:
span class="paragraph-hierarchy">span class="paren">(/span>1span class="paren">)/span>/span> Acceptance of a fee, compensation, gift, payment of expenses, or any other thing of monetary value in circumstances in which acceptance may result in, or create the appearance of, a conflict of interest; and
span class="paragraph-hierarchy">span class="paren">(/span>2span class="paren">)/span>/span> Outside employment which tends to impair his mental or physical capacity to perform his duties and responsibilities of his employment with the Association in an acceptable manner.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> An employee may not receive any salary or anything of monetary value from a private source as compensation for his services to the Association.
span class="paragraph-hierarchy">span class="paren">(/span>cspan class="paren">)/span>/span> This section does not preclude an employee from participating in the affairs of, or accepting an award for a meritorious public contribution or achievement given by a charitable, religious, professional, social, or fraternal organization, a nonprofit educational or recreational organization, or a public service or civic organization.
span class="paragraph-hierarchy">Secspan class="paren">./span> 13span class="paren">./span>/span> em class="paragraph-heading">Financial interests.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> Except where authorized by statute or these regulations, an employee may not have a direct or indirect financial interest that conflicts substantially, or appears to conflict substantially, with his Association duties and responsibilities. In any case in which such a question of financial interest arises the procedures set forth in section 17 apply.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> The fact that an employee is on leave of absence from employment with or has served as an attorney or consultant to, a railroad, or a company engaged in the manufacture, construction, or supply of railroad facilities and equipment, or a creditor of a railroad, shall not, of itself, be deemed to be a financial interest conflicting with his Association duties or responsibilities. This provision does not affect the obligation of such an employee to submit a statement of employment and financial interest as required by section 31(a)(1).
span class="paragraph-hierarchy">span class="paren">(/span>cspan class="paren">)/span>/span> The fact that an employee owns shares of stock, corporate bonds, or other corporate securities in any single railroad, or a company engaged in the manufacture, construction or supply of railroad facilities and equipment, or a creditor of a railroad, having a current aggregate market value of $10,000 or more, or an option to purchase such securities, shall not, in itself, be deemed to be a financial interest conflicting with his Association duties or responsibilities. Such ownership must, however, be reported in a special statement of financial interest, in a manner specified by the General Counsel, which shall be available for public inspection.
span class="paragraph-hierarchy">Secspan class="paren">./span> 15span class="paren">./span>/span> em class="paragraph-heading">Conflicts of interest.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> Except where specifically exempted by statute or these regulations, a conflict of interest exists whenever the performance of the duties of an employee has or appears to have a direct and predictable effect upon a financial interest of such employee or of his spouse, minor child, partner, or person or organization with which he is associated or is negotiating for future employment.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> A conflict of interest exists even though there is no reason to suppose that the employee will, in fact, resolve the conflict to his own personal advantage rather than to that of the Association.
span class="paragraph-hierarchy">Secspan class="paren">./span> 17span class="paren">./span>/span> em class="paragraph-heading">Disqualification arising from personal financial interests.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> Except as stated in paragraph (e) of this section, or except as permitted by statute, an employee may not participate personally and substantially as an employee, through decision, approval, disapproval, recommendation, the rendering of advice, investigation or otherwise, in a judicial or other proceeding, application, request for a ruling or other determination, contract, claim controversy, charge, accusation, or other particular matter in which, to his knowledge, he, his spouse, minor child, a blood relative who is a resident of the employee's household, partner, organization in which he is serving as officer, director, trustee, partner or employee, or any person or organization with whom he is negotiating or has any arrangement concerning prospective employment, has a financial interest, unless he shall cause the financial interest involved to be divested, or request a determination of the propriety of his participation in any matter by informing the General Counsel of the nature and circumstances of the matter and financial interest involved.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> After examining the information submitted the General Counsel may:
span class="paragraph-hierarchy">span class="paren">(/span>1span class="paren">)/span>/span> Relieve the employee from participation in the matter and, if possible, reassign it to another employee who is not subordinate to the relieved employee;
span class="paragraph-hierarchy">span class="paren">(/span>2span class="paren">)/span>/span> Approve the employee's participation upon determining in writing that the interest involved is not so substantial as to be likely to affect the integrity of the services the Association may expect from the employee;
span class="paragraph-hierarchy">span class="paren">(/span>3span class="paren">)/span>/span> Recommend the reassignment of the employee; or
span class="paragraph-hierarchy">span class="paren">(/span>4span class="paren">)/span>/span> If none of these alternatives is feasible, direct the employee to cause the financial interest to be divested so that it no longer comes within the scope of this section.
span class="paragraph-hierarchy">span class="paren">(/span>cspan class="paren">)/span>/span> In any case in which the General Counsel has reason to believe that an employee may have an interest that would be disqualifying under this section, he shall discuss the matter with the employee. If he finds that the interest exists, he may take any of the actions stated in paragraph (b) of this section.
span class="paragraph-hierarchy">span class="paren">(/span>dspan class="paren">)/span>/span> In any case in which the employee is dissatisfied with the General Counsel's decision, the employee may appeal the matter to the Chairman of the Association for reconsideration and final determination of the appropriate action.
span class="paragraph-hierarchy">span class="paren">(/span>espan class="paren">)/span>/span> Information concerning categories of financial interests which are exempted from the prohibitions of §§ 13(a), 15, and paragraph (a) of this section as being too remote or too inconsequential to affect the integrity of an employee's interest in a matter, are set forth in Appendix 1.
span class="paragraph-hierarchy">Secspan class="paren">./span> 19span class="paren">./span>/span> em class="paragraph-heading">Use of Association property or official title.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> An employee may not, directly or indirectly, use or allow the use of Association property of any kind, including property leased to the Association, for other than an officially approved activity. Each employee has a positive duty to protect and conserve Association property, including equipment, supplies, and other property entrusted or issued to him.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> An employee may not, directly or indirectly, use or allow the use of his title or position in connection with any commercial enterprise or in endorsing any commercial product or service.
span class="paragraph-hierarchy">Secspan class="paren">./span> 21span class="paren">./span>/span> em class="paragraph-heading">Misuse of information. An employee may not, for the purpose of furthering a private interest, directly or indirectly, use or allow the use of official information obtained through or in connection with his Association employment, if that information has not been made available by the Association to the general public.
span class="paragraph-hierarchy">Secspan class="paren">./span> 23span class="paren">./span>/span> em class="paragraph-heading">Indebtedness. Each employee shall pay his just financial obligations in a proper and timely manner, especially those imposed by law such as Federal, State, or local taxes. For the purposes of this section "just financial obligations" means those that are recognized as such by the employee or reduced to a judgment by a court, and "in a proper and timely manner" means in a manner which the Association determines does not, under the circumstances, reflect adversely on the Association as his employer. The Association will not determine the validity or amount of a disputed debt and will not initiate action to collect such debts.
span class="paragraph-hierarchy">Secspan class="paren">./span> 25span class="paren">./span>/span> em class="paragraph-heading">Miscellaneous provisions.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> Each employee shall acquaint himself with these regulations which relate to his ethical and other conduct as an employee of the Association.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> In the appointment of personnel and in assignment of their duties, the President of the Association shall take steps to avoid, to as great an extent as possible, any conflict between the Association duties and the private interests of such personnel.
Subpart C-Statements of Employment and Financial Interest
span class="paragraph-hierarchy">Secspan class="paren">./span> 31span class="paren">./span>/span> em class="paragraph-heading">Employees required to submit statement.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> Each of the following employees shall submit a statement of employment and financial interest on a form provided by the Association:
span class="paragraph-hierarchy">span class="paren">(/span>1span class="paren">)/span>/span> Each employee who within the preceding two years was employed by or served as an attorney or consultant to, a railroad or a company significantly engaged in the manufacture, construction or supply of railroad facilities and equipment, including, but not limited to, rolling stock, terminal facilities, signal equipment, track and road bed, and electrical and communication transmission equipment. The General Counsel shall decide, in a doubtful case, whether the relationship to the railroad industry is sufficiently significant as to require submission of a statement of employment and financial interest.
span class="paragraph-hierarchy">span class="paren">(/span>2span class="paren">)/span>/span> Each employee who is in a position identified in Appendix 2.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> Any employee who believes that his position has been improperly included as one requiring the submission of a statement of employment and financial interest is entitled to have that inclusion reviewed by the General Counsel.
span class="paragraph-hierarchy">span class="paren">(/span>cspan class="paren">)/span>/span> Any employee in a position which meets the criteria in paragraph (a) of this section may be excluded from the reporting requirements of this section if the General Counsel determines that the duties of the position are at such a level of responsibility that the submission of a statement is not necessary because of the degree of supervision and review and the remote or inconsequential effect on the integrity of the Association.
span class="paragraph-hierarchy">Secspan class="paren">./span> 33span class="paren">./span>/span> em class="paragraph-heading">Time and place for submission of employee statements. Each employee who is subject to the reporting requirements of sec. 31 shall submit his employment and financial interest statement to the General Counsel within 30 days after entering the employ of the Association.
span class="paragraph-hierarchy">Secspan class="paren">./span> 35span class="paren">./span>/span> em class="paragraph-heading">Supplementary statements.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> Each employee shall, not later than July 31 of each year, file a supplementary statement, showing, as of June 30 of that year, any change in, or addition to, the information contained in his statement of employment and financial interest. If changes or additions have not occurred, a negative report is required.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> Compliance with the reporting requirements of this subpart is not an alternative to observance of the conflict-of-interest provisions of subpart B of these regulations, but is to facilitate uniform compliance with, and the orderly administration of subpart B.
span class="paragraph-hierarchy">Secspan class="paren">./span> 37span class="paren">./span>/span> em class="paragraph-heading">Committee on Commerce, Information not known by employee. If any information required to be included on a statement of employment and financial interest or a supplementary statement, including any holding placed in trust, is not known to the employee but is known to another person, the employee shall request that other person to submit the information on his behalf, and the employee shall so notify the General Counsel.
span class="paragraph-hierarchy">Secspan class="paren">./span> 39span class="paren">./span>/span> em class="paragraph-heading">Information not required. An employee is not required to submit on a statement of employment and financial interest or supplementary statement any information relating to his connection with, or interest in, a professional society, or a charitable, religious, social, fraternal, recreational, public service, civic, or political organization, or a similar organization not conducted as a business enterprise. For the purposes of this section, educational and other institutions doing research and development or related work involving grants of money from or contracts with the Association are considered to be "business enterprises" and are required to be included in the employee's statement of employment and financial interest.
span class="paragraph-hierarchy">Secspan class="paren">./span> 41span class="paren">./span>/span> em class="paragraph-heading">Confidentiality of employee's statement.
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> Except for special statements of financial interest required by sec. 13(c) each statement of employment and financial interest and each supplementary statement shall be held in confidence. The reviewing officials and others who receive statements are responsible for maintaining them in confidence and shall not allow access to, or allow information to be disclosed from, a statement except to carry out the purposes of these regulations. Information may not be disclosed to any person outside the Association, except as the General Counsel may determine for good cause shown. No disclosure permitted by this paragraph may be made unless the affected employee has been notified that disclosure is contemplated, and the employee is given an opportunity to present reasons and arguments to maintain the confidentiality of the statement.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> Each statement of employment and financial interest and each supplementary statement shall be maintained in the records of the Association.
span class="paragraph-hierarchy">Secspan class="paren">./span> 43span class="paren">./span>/span> em class="paragraph-heading">Interpretation and advisory service. The General Counsel shall provide authoritative counseling and interpretations to employees who require advice and guidance on questions of conflicts of interest or any other matters of legal import covered by these regulations.
Subpart D-Disqualification of Former Employees in Matters Connected with Former Duties or Official Responsibilities; Disqualification of Partners
Sec. 51.Matters in which employee participated personally and substantially. Except as permitted by sec. 55 hereof, an employee of the Association, after his employment has ceased, may not act as agent or attorney for anyone other than the Association in connection with any judicial or other proceeding, application, request for a ruling or other determination, contract claim, controversy, charge, accusation, arrest, or other particular matter involving a specific party or parties, in which the Association is a party or has a direct and substantial interest and in which he participated personally and substantially as an employee, through decision, approval, disapproval, recommendation, the rendering of advice, investigation, or otherwise, while so employed.
Sec. 53.Matters under employee's official responsibility. Except as permitted by sec. 55 hereof, an employee of the Association may not, within one year after his employment has ceased, appear personally before the Association or any court or department or agency of the Government as agent, or attorney, for anyone other than the Association in connection with any proceeding, application, request for a ruling or other determination, contract, claim, controversy, charge, accusation, arrest, or other particular matter involving a specific party or parties, in which the Association is a party or directly and substantially interested, and which was under his official responsibility as an officer or employee of the Association at any time within a period of one year prior to the termination of such responsibility.
Sec. 55.Employee with outstanding scientific or technological qualifications. A former employee with outstanding scientific or technological qualifications may act as attorney or agent or appear personally in connection with a particular matter in a scientific or technological field if the General Counsel certifies in writing, in advance, that the public interest would be served by such action or appearance.
Sec. 57.Partner of employee. A partner of an employee of the Association may not act as agent or attorney for anyone other than the Association, in connection with any judicial or other proceeding, application, request for a ruling or other determination, contract, claim, controversy, charge, accusation, arrest, or other particular matter in which the Association is a party or has a direct and substantial interest and in which such employee of the Association participates personally and substantially as an employee through decision, approval, disapproval, recommendation, the rendering of advice, investigation or otherwise, or which is the subject of his official responsibility.
Appendix 1-Categories of Financial Interests Exempted From the Prohibitions of Sections 13(a), 15, and 17(a)
span class="paragraph-hierarchy">Ispan class="paren">./span>/span>
span class="paragraph-hierarchy">span class="paren">(/span>aspan class="paren">)/span>/span> The following are exempted from the prohibitions of sections 13(a), 15, and 17(a), because they are too remote or too inconsequential to affect the integrity of an employee's services in any matter in which he may act in his official capacity.
span class="paragraph-hierarchy">span class="paren">(/span>1span class="paren">)/span>/span> Any holding in a widely held mutual fund, or regulated investment company, which does not specialize in the transportation industry.
span class="paragraph-hierarchy">span class="paren">(/span>2span class="paren">)/span>/span> Ownership of shares of stock and of corporate bonds or other corporate securities, if the current aggregate market value of the stocks and other securities so owned in any single corporation is less than $10,000 and is less than one percent of the outstanding stock of the organization concerned, and if the employee, his spouse, or minor children are not active in the management of the organization and have no other connection with or interest in it.
span class="paragraph-hierarchy">span class="paren">(/span>3span class="paren">)/span>/span> Continued participation in a bona fide pension, retirement, deferred compensation, group life, health, or accident insurance plan or other employee welfare or benefit plan that is maintained by a business or nonprofit organization by which the employee was formerly employed, to the extent that the employee's rights in the plans are vested and require no additional services by him. To the extent the welfare or benefit plan is a profit sharing or stock bonus plan, this exemption does not apply.
span class="paragraph-hierarchy">span class="paren">(/span>bspan class="paren">)/span>/span> Notwithstanding paragraph 1(a)(2), the interest of an employee, whose position is listed in section II of this appendix, shall not be exempt from the prohibitions of sections 13(a), 15, and 17(a), with respect to any stock or other security holding in an organization to which he is assigned, or for which he has specific responsibility as a part of his regular duties, for conducting inspections or issuing certificates, waivers, exemptions, or approvals.
span class="paragraph-hierarchy">IIspan class="paren">./span>/span> The following is a list of positions to which the exemption in paragraph 1(a)(2) of this appendix does not apply. This list may be amended at any time by the Association.
[To be supplied]
Appendix 2-List of Employees Required To Submit Statements of Employment and Financial Interest Under Section 31 [Reserved]