SEC Issues Supplemental Information On Accelerated Deadline For Insider Transaction Reports Under Sarbanes-Oxley Act

The Commission has issued supplemental information about the provision of the Sarbanes-Oxley Act that amends Section 16(a) of the Securities Exchange Act of 1934 to accelerate the due date for officers,' directors' and principal security holders' reports of transactions. This amendment, which becomes effective Aug. 29, 2002, will require insiders to file reports "before the end of the second business day following the day on which the subject transaction has been executed, or at such other time as the Commission shall establish, by rule, in any case in which the Commission determines that such two-day period is not feasible." As described in the release, the Commission anticipates that it will adopt rules regarding the accelerated reporting deadline no later than Aug. 29, 2002. The SEC statement can be found at http://www.sec.gov/rules/other/34-46313.htm.