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Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Rules and Regulations
conflict is material. You must file a report with the SOCO that contains the disclosures required by this section and those required by the institutions SOC
program policies and procedures. At a minimum, the report must be signed by you and include:
1 Any interest you have in any business matter, including any loan or loan application, to be considered by the System institution, or supervised or supervising institution in the current year;
2 All material financial interests, including those arising in the ordinary course of business, you have with any director, employee, agent, or borrower of your System institution, or a supervised or supervising institution;
3 The names of your reportable business entities that you know or have reason to know in the current year transacted business with:
i Your System institution;
ii Any supervised or supervising institution; or iii A borrower that transacts business with your System institution, or any supervised or supervising institution.
4 The names of your family members you know or have reason to know transacted business with your System institution or any supervised or supervising institution in the current year.
5 Reportable gifts received or disposed of under the institutions SOC
program policies and procedures.
c Other required disclosures for directors and officers. If you are a director or officer at the institution, you must give the SOCO the disclosures required under 620.6a, e, and f of this chapter, regardless of who else in the institution has been provided them.
The timing and frequency of disclosing the information to the SOCO, or any updates to them, is determined by your institutions SOC program policies and procedures but must occur no less than annually and at issuance of the institutions Annual Meeting Information Statement.

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Prohibited conduct.

a General. If you are a System institution director or employee you must not act inconsistently with the Standards of Conduct core principles set forth in this subpart. You also must not act in the following manner:
1 Use your position for personal gain or advantage. Do not participate in deliberations on, or the determination of, any matter affecting your financial interest either directly or indirectly.
Matters affecting your financial interest include financial interests of family or
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reportable business entities. You also may not use your position as a director or employee of the institution to obtain special advantage or favoritism for yourself, your family, or a reportable business entity. However, you may participate in matters of general applicability affecting shareholders or borrowers of a particular class if your participation occurs in a nondiscriminatory way.
2 Divulge confidential information.
Do not make use of or disclose any fact, information, or document not generally available to the public that you acquired by virtue of your position as a director or employee of the institution. You may use confidential information in the performance of your official duties.
3 Accept prohibited gifts. Do not solicit, obtain, or accept directly or indirectly, any gift, fee, or other compensation that is offered or requested based on your position as a director or employee of an institution if it could be viewed as being offered to influence your decision-making, an official action, or to obtain information related to your institutions operations.
4 Purchase property owned by the institution. Do not knowingly purchase or otherwise acquire directly or indirectly any interest including mineral interests in any real or personal property that currently is owned, or within the past 12 months was owned, by your institution, your supervising institution, or institutions supervised by your institution as a result of foreclosure, deed in lieu, or similar action. The prohibition in this paragraph a4 extends to property held or sold by a chartered service corporation or a System unincorporated business entity. The prohibition does not apply in the following situations:
i You acquire the property by inheritance.
ii You are exercising your rights of first refusal under section 4.36 of the Act.
iii If you are a director of the institution, you may purchase property from a System institution when the property is sold through public auction or similar open, competitive bidding process. The exception in this paragraph a4iii only applies if you did not participate in the decision to foreclose upon the property nor did you participate in deciding how the institution would dispose of the property. Participating in these decisions includes setting the sale terms or receiving information as a result of your position with the institution that could give you an advantage over other potential bidders or purchasers of the property.

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5 Enter into transactions with prohibited sources. Do not directly or indirectly borrow from, lend to, or become financially obligated with or on behalf of a director, employee, or agent of your institution, your supervising institution, or institution supervised by your institution. You are also prohibited from directly or indirectly borrowing, lending to, or becoming financially obligated with or on behalf of a borrower or loan applicant of your institution. The transaction prohibition does not apply to:
i Transactions with family members.
ii Transactions that occur in the ordinary course of business as determined and documented by the written policies and procedures of your institution.
iii Transactions undertaken in an official capacity and in connection with the institutions discounting, lending, or participation relationships with other financing institutions OFIs and other lenders.
6 Purchase System obligations. Do not purchase any obligation of a System institution, including any joint, consolidated or System-wide obligation, unless such obligation is part of an offering available to the public and you either purchase it through a dealer or dealer bank affiliated with a member of the selling group designated by the Funding Corporation or purchase it in the secondary markets.
i Do not purchase or retire any stock in advance of the release of material, non-public, information concerning the institution to other stockholders.
ii If you are a director or employee of the Funding Corporation, do not purchase or otherwise acquire, directly or indirectly, except by inheritance, any obligation or equity of a System institution, including any joint, consolidated or System-wide obligations, unless it is a common cooperative equity as defined in 628.2
of this chapter.
b Employees only. In addition to the prohibitions under paragraph a of this section, if you are an institution employee you must not:
1 Serve as a director or employee of certain entities. Do not serve as a director or employee of any commercial bank, savings and loan, or other nonSystem financial institution. You may not serve as a director or employee of a non-System entity that transacts business with a System institution within your institutions district unless specifically allowed in this paragraph b. For the purpose of this paragraph b1, transacts business does not include loans by a System institution to a family-owned entity or a reportable
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