Page:United States Statutes at Large Volume 92 Part 2.djvu/563

 PUBLIC LAW 95-521—OCT. 26, 1978

92 STAT. 1843

appearance thereof due to the subsequent assumption of duties by the reporting individual (but nothing herein shall require any such direction); and (vii) the interested parties shall make no effort to obtain information with respect to the holdings of the trust, including obtaining a copy of any trust tax return filed or any information relating thereto except as otherwise provided in this subsection. (D) The proposed trust instrument and the proposed trustee is approved by the reporting individual's supervising ethics office. For purposes of this subsection, "interested party" means a reporting Definitions, individual, his spouse, and any dependent child if the reporting individual, his spouse, or dependent child has a beneficial interest in the

principal or income of a qualified blind trust; "broker" has the meaning set forth in section 78 of title 15, United States Code; and "supervising ethics office" means the Office of Government Ethics. (4)(A) An asset placed in a trust by an interested party shall be considered a financial interest of the reporting individual, for the purposes of section 208 of title 18, United States Code, and any other conflict of interest statutes or regulations of the Federal Government, until such time as the reporting individual is notified by the trustee that such asset has been disposed of, or has a value of less than $1,000. (B) The provisions of subparagraph (A) shall not apply with respect to a trust created for the oenefit of a reporting individual appointed to office by the President, by and with the consent of the Senate, or the spouse, dependent child, or minor child of such a person, if— (i) the Director of the Office of Government Ethics, in concurrence with the Attorney General, finds that— (I) the assets placed in the trust consist of a well-diversified portfolio of readily marketable securities; (II) none of the assets consist of securities of entities having substantial activities in the area of the reporting individual's primary area of responsibility; ( III) the trust instrument prohibits the trustee, notwithstanding the provisions of paragraphs (3)(C) (iii) and (iv) of this subsection, from making public or informing any interested party of the sale of any securities; (IV) the trustee is given power of attorney, notwithstanding the provisions of paragraph (3)(C)(v) of this subsection, to prepare on behalf of any interested party the personal income tax returns and similar returns which may contain information relating to the trust; and (V) except as otherwise provided in this paragraph, the trust instrument provides (or in the case of a trust established prior to the effective date of this Act which by its terms does not permit amendment, the trustee, the reporting individual, and any other interested party agree in writing) that the trust shall be administered in accordance with the requirements of this subsection and the trustee of such trust meets the requirements of paragraph (3)(A); and (ii) the reporting individual (other than an individual who is in such an office at the time of enactment of this Act and has an existing trust which is a good faith attempt to create a blind trust)

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