(a) Retained entity's
responsibility. A retained entity shall ensure
that all management officials performing work
under the arrangement and key individuals have no
personal conflicts of interest unless mitigation
measures have neutralized the conflict, or
Treasury has waived the conflict.
(b) Information required. Before
management officials and key individuals begin
work under an arrangement, a retained entity shall
obtain information from each of them in writing
about their personal, business, and financial
relationships, as well as those of their spouses,
minor children, and other family members with whom
the individuals have a close personal relationship
that would cause a reasonable person with
knowledge of the relevant facts to question the
individual's ability to perform, his or her
objectivity or judgment in such performance, or
his or her ability to represent the interests of
the Treasury. When the arrangement concerns the
acquisition, valuation, management, or disposition
of troubled assets, the
information shall be no less extensive than that
required of certain new federal employees under
Office of Government Ethics Form 278. Treasury may
extend the time necessary to meet these
requirements in urgent and compelling
(c) Disqualification. The
retained entity shall disqualify persons with
personal conflicts of interests from performing
work pursuant to the arrangement unless mitigation
measures have neutralized the conflict to the
satisfaction of the TARP Chief Compliance Officer.
The retained entity may seek a waiver from the
TARP Chief Compliance Officer to allow an
individual with a personal conflict of interest to
work under the arrangement.
(d) Initial Certification. No
later than ten business days after the effective
date of the arrangement, the retained entity shall
certify to the Treasury that all management
officials and key individuals performing services
under the arrangement have no personal conflicts
of interest, or are subject to a mitigation plan
or waiver approved by Treasury. In making this
certification, the retained entity may rely on the
information obtained pursuant to paragraph (b) of
this section, unless the retained entity knows or
should have known that the information provided is
false or inaccurate. Treasury may extend the
certification deadline in urgent and compelling
(e) Periodic Certification. No
later than one year after the arrangement's
effective date, and at least annually thereafter,
the retained entity shall renew the certification
required by paragraph (d) of this section. The
retained entity shall provide more frequent
certifications to Treasury when requested.
(f) Retained Entities'
Responsibilities. The retained entity shall
adopt and implement procedures designed to
discover, monitor, and report personal conflicts
of interest on a continuous basis.
(g) Subsequent notification.
Within five business days after learning of a
personal conflict of interest, the retained entity
shall notify Treasury of the conflict and describe
the steps it has taken and will take in the future
to neutralize the conflict.
(h) Retention of information. A
retained entity shall retain the information
needed to comply with this section and to support
the certifications required by this section for
three years following termination or expiration of
the arrangement, and shall make that information
available to Treasury upon request.
Title 31 published on 2012-07-01
no entries appear in the Federal Register after this date.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.