SECTION 1. Chapter 69 of the General Laws is hereby amended by inserting after section 30A the following section:-

30B. (a) As used in this section, the following words shall have the following meanings:-

“Institution” any institution within the public system of higher education as set forth in section 5 of chapter 15A or any independent institution of higher education.

(b) The board of higher education shall require each institution to maintain a written conflict-of-interest policy that is designed to eliminate or minimize potential conflicts of interest that may arise for any faculty or staff member that in the course of his or her academic work, or as a result of his or her specific academic expertise, develops a financial relationship with any entity other than his or her primary employer or a government agency.  This policy shall be made available online for public review.

(c) Said board shall require any faculty or staff member of an institution who has a financial relationship with any entity other than his or her primary employer or a government agency to disclose this relationship publicly.  This information shall be made available online for public review.  A financial relationship includes anything of material monetary value received, including a salary, consulting fee, honorarium or other payment for service; equity interests, including stocks, stock options or other ownership interests; and intellectual property rights, including patent rights owned by the investigator or on which a clinical investigator is a named inventor (whether licensed or not), copyrights and royalties.

(d) Said board shall collaborate with the state ethics commission to issue guidelines that assist institutions in developing conflict-of-interest policies and in complying with this section.  Such guidelines shall take into consideration existing conflict of interest policies that may already have been adopted by some institutions in the Commonwealth and shall seek to identify best practices in minimizing conflicts of interest that may arise in institutions.

SECTION 2. The board of higher education shall issue the guidelines required pursuant to subsection (d) of section 30B of chapter 69 of the General Laws no later than 270 days after passage of this act.