(a) Definitions. In this Section: "Degree of relationship" is calculated according to the civil law.
"Fiduciary" includes without limitation a personal representative, an executor, an administrator, a trustee, and a guardian.
"Financial interest" means ownership of a legal or equitable interest, however small, or being in the relationship of director, advisor, or other active participant in the affairs of a party, except the following:
(i) Ownership in a mutual or common investment fund that holds securities is not a "financial interest" in those securities unless the Commissioner participates in the management of the fund.(ii) An office in an educational, religious, charitable, fraternal, or civic organization is not a "financial interest" in securities held by the organization.(iii) The proprietary interest of a policyholder in a mutual insurance company, a depositor in a mutual savings association, or a similar proprietary interest is a "financial interest" in the organization only if the outcome of the proceeding could substantially affect the value of the interest.(iv) Ownership of government securities is a "financial interest" in the issuer only if the outcome of the proceeding could substantially affect the value of the securities.