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[DOCID: f:h3769ih.txt]






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.
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