Wis. Admin. Code Investment Board IB 1.02

Current through November 25, 2024

Section IB 1.02 - Definitions

The following are definitions for terms used in this chapter:

(1) "Board" means the investment board.

(2)"Chief investment officer" means the person appointed by the executive director as chief investment officer under s. 25.16(2), Stats.

(3) "Confidential information" means any information that is held by the board and is not available for public inspection.

(4) "Employee" means the executive director, executive assistant and all full and part-time persons, including investment directors, hired to work for the board and paid by a state of Wisconsin payroll check. Members of the board are not employees for the purposes of these rules.

(5) "Executive director" means the person appointed by the members of the board as executive director under s. 25.156(2), Stats., or in his or her absence or disability, the person appointed as assistant executive director under s. 25.156(3), Stats.

(6) "Family" means an employee's spouse and any other person related by blood, adoption, or marriage to an employee of the board where such other person is living in the same personal residence as the employee and either receives, directly or indirectly, more than one-half of his or her support from the employee or from whom the employee receives, directly or indirectly, more than one-half of his or her support.

(7) "Favor" means the performance of a task or giving information by a person which will personally benefit an employee of the board or a member of the employee's family.

(8) "Financial interest" means any direct or indirect equity or debt interest and includes any form of stock, a security convertible into stock, a right, option or warrant to purchase stock, a derivative instrument, any form of debt instrument, a limited partnership interest, a partner's interest in a partnership, a membership in an association or joint venture, an interest in a limited liability company or partnership, or the interest of a sole proprietor, but excludes mortgages on an employee's home or other residence and other consumer loans and, for purposes of s. 25.16(2), Stats., ownership of less than one-half of one percent of any class of publicly traded securities.

(9) "Firm" means a corporation, partnership, association, joint venture, limited liability company or partnership, sole proprietor, or other business entity.

(10) "Gift" means the giving of real or personal property or services, including a payment, advance, loan, forbearance, the promise of future employment, or any other item having value to an employee of the board or a member of the family of an employee without the exchange of fair value or the expectation of a similar gift or favor in return, but does not include expressions of sympathy or similar items of minimal value not intended to influence the employee's judgment, nor does it include compensation, fees, expenses, or payments received for the benefit of the board under s. IB 1.03(2).

(11) "Indirectly" or ``indirect" means the purchase of or holding a financial interest in the name of another, including a member of the employee's family, or through the use of a nominee or brokers account, but does not include underlying holdings of a registered investment company in which an employee has an interest.

(12) "Investment" includes the purchase and holding of stocks, bonds, evidences of indebtedness whether or not collateralized, mortgages or real estate or any interest therein, including but not limited to options and futures, and derivative or convertible instruments, for the purpose of providing the purchaser with income, capital gain or any other form of a return on the invested money but does not include any savings account, certificate of deposit, domestic government or agency security, shares or units of a registered investment company, purchase of a personal residence or recreational residence or, personal possessions such as furniture, fixtures, jewelry, appliances or motor vehicles.

(13) "Owns" means the power to sell or direct the sale of an investment and includes the power to make sales under a power of attorney.

(14) "Personal" means anything that is used by an employee or a member of an employee's family which does not further the board's business.

(15) "Privileged information" means information which would be protected against disclosure under ch. 905, Stats., or any other law.

(16) "Services" includes the offering of professional services, advice, counsel, evaluation, or analysis relating to property, investments or companies to invest in or portfolios of investments or other board activities, for remuneration either through commissions, fees or concessions or the offering of a market for any type of security or interest in a security, including but not limited to futures or options and other derivative or convertible instruments, traded either on a formal exchange or otherwise.

Wis. Admin. Code Investment Board IB 1.02

Cr. Register, August, 1983, No. 332, eff. 9-1-83; renum. (2) to (15) to (3) to (16) and am. (3) to (6), (8) to (13) and (16), cr. (2), Register, May, 1998, No. 509, eff. 6-1-98.