(a) Neither the commissioners nor any employe, clerk or servant of the department, during their respective terms of employment, shall be interested as a director, officer, shareholder, member, partner, agent, or employe of any person who, during the period of such official's or employe's association with the department, (i) was licensed or applied for license as a broker-dealer, agent, investment adviser or investment adviser representative under this act, or (ii) applied for or secured the registration of securities under this act.

(b) Nothing contained in subsection (a) shall prohibit the holding or purchasing of any securities by any employe, clerk, or servant in accordance with such regulations as the department shall adopt for the purpose of protecting the public interest and avoiding conflicts of interest with respect to such employes, clerks and servant.

(c) Nothing contained in subsection (a) shall prohibit the holding or purchasing of any securities by any commissioner if: either (i) the commissioner, together with his spouse, minor children and parents or other relatives who are members of his household, owns less than one-tenth of one per cent of any class of outstanding securities of any issuer described in subsection (a)(ii); or (ii) such security is held or purchased through a management account or trust administered by a bank or trust company authorized to do business in this State which has sole investment discretion regarding the holding, purchase and sale of securities, and (A) the commissioner did not, directly or indirectly, advise, counsel, command or suggest the holding, purchase or sale of any such security or furnish any information relating to any such security to such bank or trust company, and (B) such account or trust does not at any time have more than ten per cent of its total assets invested in the securities of any one issuer or hold more than five per cent of the outstanding shares or units of any class of securities of any one issuer. Each commissioner shall report to the Governor not less often than quarterly all holdings, purchases, and sales of securities by him, which reports shall be retained by the Governor's office as public documents.