Accelerated deadline for insider transaction reports. (SEC Update).The SEC has issued supplemental information about the provision of the Sarbanes-Oxley Act See SOX. that accelerates the due date for officers', directors' and principal security holders' reports of transactions. This amendment, which was effective Aug. 29, will require insiders Insiders These are directors and senior officers of a corporation-in effect, those who have access to inside information about a company. An insider also is someone who owns more than 10% of the voting shares of a company. to file reports before the end of the second business day following the day on which the subject transaction has been executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. , or at such other time as the SEC shall establish, by rule, in any case in which the SEC determines that such two-day period is not feasible (algorithm) feasible - A description of an algorithm that takes polynomial time (that is, for a problem set of size N, the resources required to solve the problem can be expressed as some polynomial involving N). . The SEC anticipated adopting rules regarding the accelerated reporting deadline no later than Aug. 29. For a copy of the final rules, go to www.sec.gov/rules/final.shtml. Rules appear in the order in which they are released. |
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