Okla. Admin. Code § 460:20-5-10

Current through Vol. 42, No. 7, December 16, 2024

Section 460:20-5-10 - What to report

(a) Each employee, advisory board member or commissioner shall report all information required on the statement of employment and financial interests of the employee, advisory board member or commissioner, his or her spouse, minor children, or other relatives who are full-time residents of the employee's, advisory board member's or commissioner's home. The report shall be on OSM Form 705-1 as provided by the Office of Surface Mining. The statement shall consist 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, advisory board member or commissioner as part of the certificate; and

(3) A certification by the reviewer that the form was reviewed, that the prohibited interests have been resolved, and that no other prohibited interests have been identified from the statement.

(b)Listing of all financial interests. The statement will set forth the following information regarding any financial interest:

(1)Employment. 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, advisory board member or commissioner, 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 which is unlikely to be changed as a result of actions taken by the Department.

(2)Securities. Any financial interest in business entities and nonprofit organizations through ownership of stock, stock options, bonds, securities, or other arrangements including trusts. An employee, advisory board member or commissioner 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, advisory board members or commissioners are not required to report lands developed and occupied for a personal residence.

(4)Creditors. Debts owed to business entities and nonprofit organizations. Employees, advisory board members or commissioners 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)Statement certification, and, if applicable, a listing of exceptions.

(1) The statement will provide for a signed certification by the employee, advisory board member or Commissioner 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, advisory board member or commissioner as part ofthe certificate, and

(B) The information shown on the statement is true, correct, and complete.

(2) An employee, advisory board member or commissioner 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 portion of the form must provide enough information for the Director of the Department or the Governor's Office, Director of Appointment, for Commission members, to determine the existence of a direct and indirect financial interest. Accordingly, the exceptions should:

(A) List the financial interests;

(B) Show the number of shares, estimated value, or annual income of the financial interests; and

(C) Include any other information which the employee, advisory board member or commissioner 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 460:20-5-6(a).

Okla. Admin. Code § 460:20-5-10

Amended at 16 Ok Reg 3526, eff 9-13-99; Amended at 18 Ok Reg 3202, eff 7-26-01