Rules
Adopted

ADOPTED RULES

 

At its December 2024 meeting, the Texas Ethics Commission voted to adopt the following amended and new rules: §40.2 regarding Disclosure of Financial Activity, §40.3 regarding PFS Required for Each Year of Service, §40.9 regarding Exchange Traded Funds and Real Estate Investment Trusts, §40.11 regarding Publicly Traded Corporation as Source of Income, §40.13 regarding Beneficial Interest in Real Property Includes Real Property Held in a Trust, and §40.15 regarding Identification of the Source of Rents Derived from Rental Property. The text of the adopted amended and new rules are located below.

 

 

§40.2. Definitions
(Effective January 12, 2025)
Text of Adopted Amended Rule

§40.3. Computation of Time
(Effective January 12, 2025)
Text of Adopted New Rule

§40.9. Officers of the Commission
(Effective January 12, 2025)
Text of Adopted New Rule

§40.11. Commission Staff
(Effective January 12, 2025)
Text of Adopted Amended Rule

§40.13. Called Meetings
(Effective January 12, 2025)
Text of Adopted New Rule

§40.15. Meeting Agenda
(Effective January 12, 2025)
Text of Adopted New Rule

 

 

 

§§40.2. through 40.15.

Text of Adopted Amended and New Rules

The adopted new language is indicated by underlined text.

The deleted language is indicated by [strikethrough] text.

Chapter 40. FINANCIAL DISCLOSURE FOR PUBLIC OFFICERS

§40.2. Disclosure of Financial Activity. 

For purposes of §572.023 of the Government Code, a filer’s personal financial statement must include:

(1) the filer’s financial activity in which the filer held an ownership interest, including but not limited to community property; and

(2) the financial activity of the filer’s spouse and dependent children if the filer exercised [or held the right to exercise] any degree of [legal or] factual control over the activity, notwithstanding a partition agreement.

§40.3. PFS Required for Each Year of Service.

(a) A state officer who serves for any portion of a calendar year must file a PFS the following year covering financial activity that occurred during the portion of the year the state officer held office.

(b) A member of the legislature who retires at the end of the member’s term in January is not required to file a PFS covering the calendar year of service in which member retires.

(c) Comments:

(1) For example, under subsection 40.3(a) of this section, if a state officer ceases to be a state officer in October 2024, the state officer is required to file a PFS in by the deadline provided by §572.026(a) of the Government Code in calendar year 2025, covering financial activity that occurred through October 2024, provided the state officer does not holdover.

(2) Under subsection 40.3(b) of this section, a member of the legislature who retires at the end of the member’s term in January 2025 is required to file a PFS in 2025 covering calendar year 2024. The member is not required to file a PFS in calendar year 2026 covering calendar year 2025 by virtue of service from January 1 to January 6 of 2025, before the member’s successor is sworn into office.

§40.9. Exchange Traded Funds and Real Estate Investment Trusts.

Ownership interests in exchange-traded funds and real estate investment trusts shall be reported under §572.023(b)(2) of the Government Code as though they were shares of stock.

§40.11. Publicly Traded Corporation as Source of Income [over $500]. 

For purposes of §572.023(b)(4), Government Code, a publicly traded corporation is identified as a source of income by disclosing its full name in addition to the category of the amount of income.

§40.13. Beneficial Interest in Real Property Includes Real Property Held in a Trust.

(a) Except as provided in subsection (b), a filer must disclose real property held in a trust for the benefit of the filer as a beneficial interest in real property under §572.023(b)(6) of the Government Code.

(b) A filer is not required to disclose real property held in a blind trust that complies with §572.023(c) of the Government Code only if the filer does not have actual knowledge of the property held in a trust for the filer’s benefit.

§40.15. Identification of the Source of Rents Derived from Rental Property.