Page:United States Statutes at Large Volume 103 Part 2.djvu/722

 103 STAT. 1732 PUBLIC LAW 101-194—NOV. 30, 1989 "(A)(i) The trustee of the trust and any other entity des- ignated in the trust instrument to perform fiduciary duties is a financial institution, an attorney, a certified public accountant, a broker, or an investment advisor who— "(I) is independent of and not associated with any in- terested party so that the trustee or other person cannot be controlled or influenced in the administration of the trust by any interested party; and "(II) is not and has not been an employee of or affiliated with any interested party and is not a partner of, or in- volved in, any joint venture or other investment with, any interested party; and "(III) is not a relative of any interested party, "(ii) Any officer or employee of a trustee or other entity who is involved in the management or control of the trust— "(I) is independent of and not associated with any in- terested party so that such officer or employee cannot be controlled or influenced in the administration of the trust by any interested party; "(II) is not or has not been a partner of any interested party and is not a partner of, or involved in any joint venture or other investment with any interested party; and "(III) is not a relative of any interested party. "(B) Any asset transferred to the trust by an interested party is free of any restriction with respect to its transfer or sale unless such restriction is expressly approved by the supervising ethics office of the reporting individual. "(C) The trust instrument which establishes the trust pro- vides that— "(i) except to the extent provided in subparagraph (B) of this paragraph, the trustee in the exercise of his authority and discretion to manage and control the assets of the trust shall not consult or notify any interested party; "(ii) the trust shall not contain any asset the holding of which by an interested party is prohibited by any law or regulation; "(iii) the trustee shall promptly notify the reporting individual and his supervising ethics office when the hold- ings of any particular asset transferred to the trust by any interested party are disposed of or when the value of such holding is less than $1,000; "(iv) the trust tax return shall be prepared by the trustee or his designee, and such return and any information relat- ing thereto (other than the trust income summarized in ^ appropriate categories necessary to complete an interested party's tax return), shall not be disclosed to any interested party; "(v) an interested party shall not receive any report on the holdings and sources of income of the trust, except a report at the end of each calendar quarter with respect to the total cash value of the interest of the interested party in the trust or the net income or loss of the trust or any reports necessary to enable the interested party to complete \ an individual tax return required by law or to provide the information required by s^i^bsection (a)(1) of this section, but . " such report shall not identify any asset or holding;

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