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<PRE>[DOCID: f:h3725ih.txt]






107th CONGRESS
  2d Session
                                H. R. 3725

To require disclosure of the sale of securities by insiders of issuers 
  of the securities to be made available to the Commission and to the 
public in electronic form before the transaction is conducted, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 12, 2002

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

_______________________________________________________________________

                                 A BILL


 
To require disclosure of the sale of securities by insiders of issuers 
  of the securities to be made available to the Commission and to the 
public in electronic form before the transaction is conducted, 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 ``Investment 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 and Exchange Commission of the sale of any securities by 
an officer or director of the issuer of those securities shall be made 
available in electronic form--
            (1) to the Commission by the director or officer, before 
        the end of the calendar day preceding the day on which the 
        transaction occurs;
            (2) to the public by the Commission, to the extent 
        permitted under applicable law, upon receipt, but in no case 
        later than the end of the 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 on which the 
        transaction occurs.
    (b) Other Formats.--The requirement of disclosures in electronic 
form under subsection (a) shall, at the discretion of the Commission, 
be in lieu of any other format required for such disclosures on the day 
before the date of enactment of this Act.
    (c) Incorporated Definitions.--In this Act, the terms 
``Commission'', ``issuer'', and ``securities'' have the same meanings 
as in section 3 of the Securities Exchange Act of 1934.

SEC. 3. EFFECTIVE DATE.

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