No one found it. However, the definition section of the Minnesota chapter on campaign finance and disclosure excludes from the definition of “securities” all underlying assets held by a blind trust. M.S.A. 10A.01. This could indicate that individual assets within a blind trust should not be disclosed, but only the blind trust itself. When a public servant, public member or public employee or immediate family member has an economic interest in a blind trust, he is presumed to be in a conflict of interest for matters relating to that economic interest when the existence of the blind trust has been disclosed to the competent supervisory authority. SC ST No. 8-13-700. Certain objects participating in an investment fund or blind trust, as well as other types of assets, may be exempt from the obligation to disclose information about any business that a public servant or candidate or member of the household has or has had to disclose to a beneficial personal interest or an investment greater than $1,000. Or Rev. Stat. Ann. No legal definition was found.
However, Maryland`s administrative provisions under State Ethics Commission 19a require that blind trust be well diversified: (1) (describes a factor test to determine whether a trust is well diversified); (2) Easy to market (describes a factor test); 3. No participation in an entity in which the public servant or worker, as the main service of the state, has regulatory or purchase obligations with respect to the company, unless the size of the holdings and the type of obligations of the civil servant or worker are unlikely in the event of a conflict or conflict; (4) Free of restrictions or charges that would affect the agent`s ability to manage and control them. Code Md. Regs. 19A.06.02.02. The qualifications of the agent of a blind trust are defined in the Md. Regs code. 19A.06.02.01 follows.
(situation of 30.09.2020). Officials declare the beneficial interest in the qualified blind trust and its value as an asset on financial disclosure forms, where otherwise to be disclosed, as the main source of income and its amount. Must also disclose a complete list of assets placed in the trust, as is normally required by disclosure rules. If the trust is revoked while the undercover official is a public servant, or if the public servant learns of replacement assets added to the trust, the interest or income of the investments must be disclosed. FL ST 112.31425. Creating blind trust can be costly; Politicians and leaders have other ways to eliminate potential conflicts of interest without blind trust. You can sell specific investments, real estate or private equity to index funds and bonds. One person could also sell the assets — convert them into cash — while in the job position. However, the investment sale process can have tax consequences and some investments, such as land or real estate, can be difficult to sell. While blind trusts are useful, there is no legal structure that can eliminate all conflicts of interest, nor ensure the ethical behaviour of the person in the position or function. A blind trust must meet the following conditions: (a) the agent of a blind trust is: Trust company or brokerage company empowered to exercise fiduciary powers, a person who is an employee of such an agent, a law firm or a lawyer, AND a non-interested party, with the exception of the public official or spouse of the worker, child, parent, grandparent, grandchild, brother , sister, step-parent, brother-in-law, brother-in-law, sister-in-law, aunt, uncle, first cousin or spouse of such person, AND any person who is not a public official or public official, AND any person who has not been appointed to a public institution by a public official or a public employee or a public employee supervised by the Filer.
b) The agent has full discretion in the management of the trust, including, but not without purpose, in the management of the trust.