summary
Introduced
03/02/2021
03/02/2021
In Committee
03/02/2021
03/02/2021
Crossed Over
04/22/2021
04/22/2021
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
AN ACT To require the Securities and Exchange Commission to carry out a study of Rule 10b5-1 trading plans, and for other purposes.
AI Summary
This bill, the Promoting Transparent Standards for Corporate Insiders Act, requires the Securities and Exchange Commission (SEC) to conduct a study on Rule 10b5-1, which governs trading plans used by corporate insiders. The study will examine whether the rule should be amended to limit the ability of issuers and corporate insiders to adopt trading plans outside of designated trading windows, restrict the use of multiple trading plans, establish mandatory delays for plan execution, and increase disclosure requirements. The bill also requires the SEC to consider the potential impact of such amendments on capital formation, public company participation, and investor protection. After completing the study, the SEC must revise Rule 10b5-1 based on the findings.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (2)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 04/22/2021)
Official Document
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bill summary
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bill summary
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