| (3) accept employment or engage in a business or professional
activity while serving as an SBOE member or a TEA employee that the
member or employee might reasonably expect would require or induce
the member or employee to disclose confidential information acquired
by reason of his or her position concerning the PSF;
(4) accept employment or compensation while serving
as a member or employee that could reasonably be expected to impair
the member's or employee's independence of judgment in the performance
of his or her duties;
(5) make personal investments that could reasonably
be expected to create a substantial conflict of interest between the
member's or employee's private interest and the interests of the PSF;
(6) intentionally or knowingly solicit, accept, or
agree to accept any gifts, favors, services, or benefits for the exercise
of the member's or employee's authority or performance of the member's
or employee's duties;
(7) purchase, sell, exchange, or lease property to
or from the Texas PSF Corporation if such person holds an interest
in the property (whether direct or indirect);
(8) purchase, sell, or exchange any interest in an
entity with the Texas PSF Corporation if such person holds an interest
in the entity (whether direct or indirect);
(9) accept offers, under any circumstances, by reason
of their official position to trade in any security or other investment
on terms more favorable than those available to the general investing
public or, in the case of private market investments, a similarly
situated investor;
(10) lend to or borrow from the Texas PSF Corporation,
PSF service providers, private fund managers, or other third parties
with which the Texas PSF Corporation has a business relationship,
unless such entities are normally engaged in such lending in the usual
course of their business, and then only on customary terms offered
to others under similar circumstances to finance proper and usual
activities; or
(11) act as a representative or agent of a third party,
including a PSF service provider or private fund manager, in connection
with the acquisition of services or an investment for the Texas PSF
Corporation.
(f) Gifts and entertainment. An SBOE member, the commissioner,
or a TEA employee (or the spouse, minor child, or dependent relative
thereof) may not:
(1) accept any gift or benefit, unless such gift is
a permissible gift as defined in subsection (g) of this section;
(2) solicit, offer, or accept a gift or benefit (for
the personal benefit of the member or employee or for the benefit
of a third party), regardless of whether it is a permissible gift,
that the member or employee knows, or should know, is being offered
or given because of the member's or employee's official position,
in exchange for an official act, or with the intent to influence the
member's or employee's conduct on behalf of the PSF;
(3) solicit, accept, or agree to accept an honorarium
in consideration for services that the member or employee would not
have been requested to provide but for his or her official position
or duties;
(4) accept any gift or benefit from a lobbyist, or
a person who is required to be registered as a lobbyist, that is not
expressly permitted by Texas Government Code, Chapter 305; or
(5) accept a gift or benefit if the source of the gift
or benefit is not identified or if the member or employee knows, or
has reason to know, that a prohibited gift is being offered through
an intermediary.
(g) Definition of permissible gift. The term "permissible
gift" means a gift or benefit that is offered or accepted in compliance
with all applicable statutes and rules and is one of the following:
(1) an occasional gift that is not cash or money, including
checks, gift cards, or negotiable instruments, and does not exceed
$50 in value;
(2) food, lodging, entertainment, and transportation,
if accepted as a guest (i.e., the donor is present) and, if required,
the member or employee reports the gift as required by law;
(3) an item is given in the context of a personal relationship,
such as kinship, or a professional or business relationship that is
independent of the member's or employee's official capacity; or
(4) transportation, lodging, and meals in connection
with attendance at a conference or similar event in which the member
or employee renders services, such as speaking, if the services are
more than perfunctory.
(h) Receipt of prohibited gift. A member or employee
who receives a gift that is not a permissible gift should return the
gift to its source or, if that is not possible or feasible, donate
the gift to a recognized tax-exempt charitable organization or governmental
entity.
(i) Contributions and solicitation of support.
(1) All SBOE members, the commissioner, and TEA employees
(and their respective agents) shall follow all applicable laws governing
campaign contributions, including, without limitation, the rules promulgated
by the Securities and Exchange Commission relating to political contributions
by certain investment advisors.
(2) An SBOE member shall not request that a PSF service
provider or private fund manager make any gift or donation to a school
or other charitable interest on behalf of or at the request of a member.
(j) Compliance and enforcement.
(1) The SBOE will enforce this section through its
chair or vice chair or the commissioner.
(2) Any violation of this section will be reported
to the chair and vice chair of the SBOE and the commissioner, and
a recommended action will be presented to the SBOE by the chair of
the SBOE or the commissioner.
(3) The ethics advisor of TEA shall respond to inquiries
from SBOE members, the commissioner, and TEA employees concerning
the provisions of this section. The ethics advisor may confer with
the general counsel.
(k) Ethics training. The SBOE shall receive annual
training regarding state ethics laws through the Texas Ethics Commission
or TEA's ethics advisor. TEA employees shall complete all ethics training
required by TEA.
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