12 CFR § 651.23 - Implementation of policy.

---
identifier: "/us/cfr/t12/s651.23"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 651.23 - Implementation of policy."
title_number: 12
title_name: "Banks and Banking"
section_number: "651.23"
section_name: "Implementation of policy."
chapter_name: "FARM CREDIT ADMINISTRATION"
subchapter_number: "B"
subchapter_name: "FARM CREDIT SYSTEM"
part_number: "651"
part_name: "FEDERAL AGRICULTURAL MORTGAGE CORPORATION GOVERNANCE"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "Secs. 4.12, 5.9, 5.17, 8.3, 8.11, 8.14, 8.31, 8.32, 8.33, 8.34, 8.35, 8.36, 8.37, 8.41 of Pub. L. 92-181, 85 Stat. 583 (12 U.S.C. 2183, 2243, 2252, 2279aa-3, 2279aa-11, 2279aa-14, 2279bb, 2279bb-1, 2279bb-2, 2279bb-3, 2279bb-4, 2279bb-5, 2279bb-6, 2279cc); sec. 514 of Pub. L. 102-552, 106 Stat. 4102; sec. 118 of Pub. L. 104-105, 110 Stat. 168."
regulatory_source: "81 FR 49152, July 27, 2016, unless otherwise noted."
cfr_part: "651"
---


# 651.23 Implementation of policy.

(a) The Corporation shall disclose any unresolved material conflicts of interest involving its directors, officers, and employees to:

(1) Shareholders through annual reports and proxy statements; and

(2) Investors and potential investors through disclosure documents supplied to them.

(b) The Corporation shall make available to any shareholder, investor, or potential investor, upon request, a copy of its policy on conflicts of interest. The Corporation may charge a nominal fee to cover the costs of reproduction and handling.

(c) The Corporation shall maintain all reports of all potential conflicts of interest and documentation of materiality determinations and resolutions of conflicts of interest for a period of 6 years.