SEC Issues Rules Prohibiting Insider Trading During Pension Blackout Periods

Topics:
Regulatory issues
Tags:
Benefits,
SEC,
Sarbanes-Oxley,
Regulatory Compliance,
Regulations,
Policies And Procedures,
Payroll Solutions,
Officer,
Investment,
Human Resources,
...
Source:
Powell, Goldstein, Frazer & Murphy

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Overview: The Securities Exchange Commission has adopted final rules under Section 306(a) of the Sarbanes-Oxley Act, which prohibit insider trading during pension plan blackout periods. Section 306(a) of the Sarbanes-Oxley Act prohibits directors and executive officers of public companies from directly or indirectly purchasing, selling or otherwise acquiring or transferring any equity security of such company during any pension plan blackout period, if the director or executive officer acquired the equity security in connection with his or her service or employment as a director or executive officer. This paper informs about effective date, blackout period, persons covered, securities subject to trading prohibition, transactions subject to trading prohibition, notice requirements and consequences of failure to comply.

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Format: PDF | Size: 88KB | Date: Jan 2003 | Pages: 4

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