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Strategies & Market Trends : Effective Trading In Our Markets. Learn, then Earn
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To: MarketEye who started this subject8/27/2002 11:33:54 AM
From: Frederick Langford   of 1854
 
SEC news
DJN =DJ SEC/Insiders -2: New Rules Take Effect On Thursday

Government: SEC USG
Subject: DJN DJWI COGV DJRT DJS DJSS SNEW
Market Sector: NND
Geographic Region: NME US

By Judith Burns
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--The Securities and Exchange Commission voted
Tuesday
to approve new rules requiring corporate insiders and large shareholders to
report trading in company stock quickly, usually within two business days.
Speedier disclosure by insiders was mandated by Congress under a sweeping
corporate reform bill adopted in July.
Currently, insiders have up to 40 days to report trades in company stock
executed on public markets and more than a year to report trades with the
company itself.
The new rules, which take effect Aug. 29, require most insiders and those
owning 10% or more of a company's stock to report any purchase or sale of
company stock within two business days.
Insiders filed about 212,000 reports last year, according to the SEC, an
average of 700 a day, with the vast majority filed on paper.
Congress required insiders to file the reports electronically to the SEC
and
post them on corporate Web sites, beginning July 30, 2003.
However, SEC corporation finance division director Alan Beller said he
expects the agency will revisit the matter before then and propose requiring
electronic filing sooner than Congress demanded.
SEC staffers said electronic filing will help the SEC get a better handle
on
trading by insiders and deter insider trading.
-By Judith Burns, Dow Jones Newswires; (202) 862-6692;
judith.burns@dowjones.com

(END) DOW JONES NEWS 08-27-02
10:49 AM
End of News
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