By Edward S. Best, James B. Calson, Robert E. Curley, Michael L. Hermsen, Philip J. Niehoff, Laura D. Richman, David A. Schuette and James R. Walther
Originally published on August 29, 2002
On August 27, 2002, the Securities and Exchange Commission adopted new rules implementing the provisions of the recently enacted Sarbanes-Oxley Act of 2002, which shortened to 2 business days the deadline for filing ownership reports by corporate insiders under Section 16(a) of the Securities Exchange Act of 1934, unless the shortened deadline was "not feasible." SEC Release No. 34-46421 (August 27, 2002).
Accelerated Reporting
Prior to its recent amendment, Section 16(a) generally required that directors, executive officers and 10% stock-holders of publicly-traded U.S. companies ("insiders") report purchases, sales and other transactions with regard to their stock and other equity securities on a Form 4 within 10 days following the end of the month in which the transaction occurred. Certain
