Minnesota § 356A.03 PROHIBITION OF CERTAIN PERSONS FROM FIDUCIARY STATUS

Minnesota Statutes

§ 356A.03 — PROHIBITION OF CERTAIN PERSONS FROM FIDUCIARY STATUS

Minnesota § 356A.03

PartRETIREMENT

Ch. 356APUBLIC PENSION FIDUCIARY RESPONSIBILITY

This text of Minnesota § 356A.03 (PROHIBITION OF CERTAIN PERSONS FROM FIDUCIARY STATUS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 356A.03 (2026).

Text

Subdivision 1.Individual prohibition. For the prohibition period established by subdivision 2, a person, other than a constitutional officer of the state, who has been convicted of a violation listed in subdivision 3, may not serve in a fiduciary capacity identified in section356A.02. Subd. 2.Prohibition period. A prohibition under subdivision 1 is for a period of five years, beginning on the day following conviction for a violation listed in subdivision 3 or, if the person convicted is incarcerated, the day following unconditional release from incarceration. Subd. 3.Applicable violations. A prohibition under subdivision 1 is imposed as a result of any of the following violations of law:

(1)a violation of federal law specified in United States Code, title 29, section 1111, as amended;

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Subdivision 1.Individual prohibition.
For the prohibition period established by subdivision 2, a person, other than a constitutional officer of the state, who has been convicted of a violation listed in subdivision 3, may not serve in a fiduciary capacity identified in section356A.02.

Subd. 2.Prohibition period.
A prohibition under subdivision 1 is for a period of five years, beginning on the day following conviction for a violation listed in subdivision 3 or, if the person convicted is incarcerated, the day following unconditional release from incarceration.

Subd. 3.Applicable violations.
A prohibition under subdivision 1 is imposed as a result of any of the following violations of law:
(1) a violation of federal law specified in United States Code, title 29, section 1111, as amended;
(2) a violation of Minnesota law that is a felony under Minnesota law; or
(3) a violation of the law of another state, United States territory or possession, or federally recognized Indian tribal government, or of the Uniform Code of Military Justice, that would be a felony under the offense definitions and sentences in Minnesota law.

Subd. 4.Documentation.
In determining the applicability of this section, the appropriate appointing authority, the State Board of Investment, or the covered pension plan, as the case may be, may rely on a disclosure form meeting the requirements of the federal Investment Advisers Act of 1940, as amended through June 2, 1989, and filed with the State Board of Investment or the pension plan.