WASHINGTON — The U.S. Nuclear Regulatory Commission has released an updated list of prohibited securities for its employees, their spouses, and minor children, effective April 2025. The comprehensive list aims to prevent conflicts of interest and maintain public trust in the regulatory body.
Under federal regulations (5 CFR § 5801.102(a)), NRC employees covered by the Prohibited Securities rule are barred from owning any amount of securities issued by entities on this updated list. This restriction broadly defines "securities" to include "all interests in debt or equity instruments," such as common and preferred stock, bonds, debentures, and derivative security interests like put and call options (5 CFR § 5801.102(c)(2)).
The NRC emphasized that employees bear the responsibility of ensuring they do not acquire securities from any listed entity, regardless of whether a specific trading symbol is provided. Trading symbols, derived from recent SEC filings, are included for convenience but may not be exhaustive and are subject to change.
While the prohibited list targets specific entities, the NRC also reminded employees that owning securities issued by entities not on the list could still lead to a conflict of interest. This occurs if an employee participates personally and substantially in an NRC matter that directly and predictably affects their financial interests (18 U.S.C. § 208; 5 CFR § 2635.402). Employees are urged to contact an ethics official with any questions regarding financial conflicts of interest or prohibited securities.
Key Categories on the List
The updated list is categorized into five main sections:
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Nuclear Power Reactor Licensees and Applicants (including parent corporations): This extensive category includes a wide range of utilities and power companies operating or applying for nuclear reactor licenses. Notable additions to the list since the last update include Dow Inc. and The Dow Chemical Company, alongside Long Mott Energy, LLC. Securities issued by units of state or local governments in this category are only prohibited if their primary purpose is to finance the construction or operation of a nuclear reactor or low-level waste facility.
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Manufacturers/Vendors of Power or Test Reactors: This section covers key players in nuclear technology and manufacturing, such as BWX Technologies, Framatome, General Electric Company, Hitachi Ltd., and Westinghouse Electric Company. Oklo Inc. was also added in this update.
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Architectural Engineering Companies: Firms providing essential engineering and design services to the nuclear sector are included, such as Bechtel, Black & Veatch, and Fluor.
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Fuel Cycle-Related Applicants, Certificate of Compliance Holders, and Licensees: This category lists entities involved in the nuclear fuel cycle, from uranium mining to fuel fabrication and waste management. Prominent names include Cameco Corporation, Centrus Energy Corporation, and Honeywell International, Inc. GE Vernova was also added.
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Energy or Utility Sector Investment Funds: This section specifically targets investment funds where at least 25% of their assets are invested in entities from the first four categories. This list was compiled following a recent review by the NRC's Office of the General Counsel. Funds such as the Fidelity Select Utilities Portfolio, Utilities Select Sector SPDR Fund (XLU), and VanEck Vectors Uranium+Nuclear Energy ETF are among those prohibited.
The NRC encourages anyone who believes an entity or fund is missing or has been incorrectly placed on this list to contact an ethics official.
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