< Back to H.R. 3769 (107th Congress, 2001–2002)

Text of the Insider Trading Full Disclosure Act of 2002

This bill was introduced on February 14, 2002, in a previous session of Congress, but was not enacted. The text of the bill below is as of Feb 14, 2002 (Introduced).

Source: GPO

HR 3769 IH

107th CONGRESS

2d Session

H. R. 3769

To require disclosure of the sale of securities by an officer, director, affiliate, or principal shareholder of an issuer of the securities of such issuer to be made available to the Commission and to the public in electronic form, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

February 14, 2002

Mr. BENTSEN introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To require disclosure of the sale of securities by an officer, director, affiliate, or principal shareholder of an issuer of the securities of such issuer to be made available to the Commission and to the public in electronic form, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Insider Trading Full Disclosure Act of 2002’.

SEC. 2. ELECTRONIC DISCLOSURE OF AFFILIATE TRANSACTIONS.

    (a) IN GENERAL- Except as specifically provided in this Act, and notwithstanding any other provision of law, any disclosure required by the securities laws or the rules or regulations thereunder of the sale of any securities by an officer or director or other affiliated person of the issuer of those securities shall be made available in electronic form--

      (1) to the Commission by the affiliated person, before the end of the calendar day immediately following the calendar day on which the transaction occurs;

      (2) to the public by the Commission, upon receipt, but in no case later than the end of the next business day following the calendar day on which the disclosure is received under paragraph (1); and

      (3) in any case in which the issuer maintains a corporate website that is accessible only internally, on that internal website, before the end of the calendar day immediately following the calendar day on which the transaction occurs.

    (b) OTHER FORMATS- The requirement of disclosures in electronic form under subsection (a) shall not be in lieu of any other format required for such disclosures, and the disclosure in electronic form required by subsection (a)(1) shall be followed, within 7 calendar days, by a disclosure on paper.

    (c) INCORPORATED DEFINITIONS- In this Act, the terms ‘affiliated person’, ‘Commission’, ‘issuer’, and ‘securities’ have the same meanings as in section 3 of the Securities Exchange Act of 1934.

    (d) OTHER DEFINITIONS- In this Act--

      (1) the term ‘sale’ includes a sale to the issuer of the securities; and

      (2) the term ‘securities laws’ means the Securities Act of 1933 (15 U.S.C. 78a et seq.), the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), the Trust Indenture Act of 1939 (15 U.S.C. 77aaa et seq.), the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.), the Investment Advisers Act of 1940 (15 U.S.C. 80b et seq.), and the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.).

SEC. 3. EFFECTIVE DATE.

    This Act shall become effective 90 days after the date of enactment of this Act.