About FDA

Listing of Significantly Regulated Organizations (SROs)

Prohibited Financial Interests Applicable to FDA Employees

Employees of the Food and Drug Administration (FDA) participate in regulatory and product approval matters that substantially affect significant sectors of the U.S. economy, including the food, pharmaceutical, medical device, veterinary medicine, biotechnology, cosmetic and tobacco industries.  Because of the FDA’s role as a unique consumer protection agency, FDA employees must comply with a broad restriction that prohibits FDA employees as well as their spouse and minor children from holding financial interests, like stock, in certain businesses regulated by FDA.  This includes many companies working in the drug, biologic, medical device, food, and tobacco industries, among others.  These businesses are called Significantly Regulated Organizations (SROs).  

In large part, this restriction exists to help you avoid conflicts of interest under the criminal conflict of interest statute, 18 U.S.C. § 208.  This law generally prohibits Federal employees from participating in any official matters that can have a direct and predictable effect on their financial interests or those imputed to them, including those of their spouse or minor children. 

The restriction on holding financial interests in SROs is broad, applicable to interests in publicly traded, privately held companies, as well as certain sector funds that have a stated  practice of concentrating its investments in SROs.

Due to mergers, acquisitions, and other factors, companies sometimes are added to or removed from the SRO List of publicly traded companies.  As a result, FDA updates the SRO List on a monthly basis.  Additionally, as new financial products are introduced, FDA updates the Prohibited Investment Funds List on a quarterly basis. 

Click on the links below for more information on several different types of financial interests prohibited for FDA employees:


Page Last Updated: 05/11/2017
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