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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Rich Wolf who wrote (8819)	3/2/1999 11:05:00 AM
From: Rich Wolf	Read Replies (1) \| Respond to of 27311

"Insider" definition from www.insidertrader.com: " An Insider: According to the Securities Exchange Act of 1934, an insider is defined as an officer or director of a public company, or an individual or entity owning 10% or more of any class of a company's shares. The definition in all its legal speak is given in Section 16 of the 1934 Act, There are further words sparred on how more specifically to define an "officer" and "beneficial owner" in Rule 16a-1 of the Code of Federal Regulations. Though both are lovely pieces of prose, be content with the knowledge that the definition of an insider is intended to cover the people who have the most knowledge of the inner workings and future prospects of a publicly traded company. Once pegged as an insider, the SEC becomes very interested in how the person may be benefiting from the unfair advantage they presumable have when trading their own company's shares. Insiders must make an initial statement of holdings via the SEC's Form 3 within 10 days after gaining their insider status. Subsequent changes in ownership must be reported to the SEC on a Form 4 by the 10th day of the month following an insider's trade. Any trade by an insider in the month of January, for instance, must be reported to the SEC by February 10. To guard against any funny business just before becoming an insider, trades made up to six months prior to achieving the status must also be reported on a Form 4 soon after filing the Form 3. Filing requirements linger on for another six months after insiders lose their status as well. This stops abuses such as a director giving up his seat on a company's board just in time to buy as much stock as possible before an imminent merger. The SEC's nosiness doesn't stop there. Insiders must also file a Form 5 within 45 days after their company's fiscal year end. A Form 5 not only has to be filed by anybody considered an insider at fiscal-year end, but also by anyone who was considered an insider for any part of the previous year. This is another way the SEC makes sure people don't just pop back-and-forth between being an insider or not just to skirt filing requirements. "

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