<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".04" citation="COMAR 19A.06.02.04" title_num="19A" subtitle_num="06" chapter_num="02" heading="Features of the Trust.">
  <paragraph num="A.">
    <text>To be certified as a blind trust pursuant to this subtitle, a trust shall be established by a trust instrument containing the provisions in §§B—H of this regulation.</text>
  </paragraph>
  <paragraph num="B.">
    <text>The trustee shall have absolute discretion and authority to manage and control the trust assets, including the authority to purchase and sell trust holdings.</text>
  </paragraph>
  <paragraph num="C.">
    <text>An interested party may not have the ability to learn of the assets of the trust or the actions of the trustee, and may not receive reports on the assets or income except those necessary (without identifying any particular asset or holding) for filing personal income tax returns.</text>
  </paragraph>
  <paragraph num="D.">
    <text>Tax returns of the trust shall be prepared and filed by the trustee and may not be available to any interested party.</text>
  </paragraph>
  <paragraph num="E.">
    <text>There may not be direct or indirect communication between the trustee and any interested party except directions regarding the disposition of income or general decisions regarding the approach of the trust as a short-term income or long-term growth approach. Any permitted communications shall be in writing, with copies provided to the Commission.</text>
  </paragraph>
  <paragraph num="F.">
    <text>An interested party may not seek to obtain information regarding the trust or its assets.</text>
  </paragraph>
  <paragraph num="G.">
    <text>Securities may not be purchased that would result in the holdings in any entity exceeding 20 percent of the total trust assets, or any industry or economic sector exceeding 30 percent of the total trust assets, except when the particular holdings present no conflict of interest under General Provisions Article, Title 5, Annotated Code of Maryland.</text>
  </paragraph>
  <paragraph num="H.">
    <text>The trust instrument shall provide for termination of the trust at the earliest of the following:</text>
    <paragraph num="(1)">
      <text>Upon termination of the official's or employee's State service;</text>
    </paragraph>
    <paragraph num="(2)">
      <text>In case of the official's or employee's death or incompetence;</text>
    </paragraph>
    <paragraph num="(3)">
      <text>Upon revocation of trust certification by the Commission pursuant to COMAR 19A.06.03.04; or</text>
    </paragraph>
    <paragraph num="(4)">
      <text>For cause at the request of the official or employee and with the prior approval of the Commission.</text>
    </paragraph>
  </paragraph>
</regulation>