Conflicts of interest

(a) In general For the purpose of controlling conflicts of interest that may be detrimental to covered business concerns, to licensees, to the shareholders, partners, or members of either, or to the purposes of this Act, the Secretary shall adopt regulations to govern transactions with any officer, director, shareholder, partner, or member of any licensee, or with any person or concern, in which any interest, direct or indirect, financial or otherwise, is held by any officer, director, shareholder, partner, or member of any licensee, or any person or concern with an interest, direct or indirect, financial or otherwise, in any licensee. (b) Public disclosure Regulations adopted under subsection (a) shall include appropriate requirements for public disclosure necessary to the purposes of this section. (c) Consultation with existing regulations In making any initial determination relating to a regulation adopted under subsection (a), the Secretary shall consult the regulations promulgated by the Administrator of the Small Business Administration on financing which constitute conflicts of interest in accordance with section 312 of the Small Business Investment Act of 1958 (15 U.S.C. 687d). (d) Regulations The Secretary shall promulgate regulations under this section in accordance with the implementation milestones as set forth in section 3(l) of this Act.