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Subject: SEC Plan Requires Insiders To Post Trades On Web Author: insider ceo [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 18:09:15 12/18/02 Wed SEC Plan Requires Insiders To Post Trades On Web By Judith Burns Dow Jones Newswires ADVERTISEMENT WASHINGTON -- Corporate insiders would have to report stock trades using a computer and post the information on a corporate Web site under a proposal by the Securities and Exchange Commission. Most insiders still file trading reports on paper, but Congress ordered electronic filing to begin by July 2003. At a public meeting yesterday, the SEC agreed to seek comment on proposals to implement the law. Proposed changes would give investors ready access to trading reports by corporate insiders, either through the company's Web site or the SEC's own Web site. SEC Chairman Harvey Pitt said the change would allow investors to track trades by insiders "in real-time and at no cost" using the Internet. "Investors want information about trading by company insiders, and they should have easy access to it," agreed SEC commissioner Roel Campos. Other commissioners applauded the changes, saying they would bring the SEC into the computer era. Under the proposal, corporate officers, directors and individuals who own 10% or more of a company's shares would have to report purchases or sales of the company's stock online, using the SEC's Edgar system. SEC corporation-finance division director Alan Beller said the agency is developing an online form that insiders can use to report trades and add electronic attachments, if necessary. The SEC will encourage third-party providers to offer similar trade-reporting software or to provide their own versions. Software changes to the SEC's Edgar system should make it easier to use and "maybe even easy," Mr. Beller said. Other changes in the works will tag filing data, making information easier to search. Testing will start in the spring, and Mr. Beller predicted an all-electronic system would be in place well before midyear. Online filing is on the rise. Since August, about 20,000 of the more than 85,000 insider-trading reports filed to the SEC have been filed electronically, Mr. Beller told reporters. In all, the SEC estimates about 25% of insider-trading reports are filed online now, up from about 6% since Congress ordered such reports to be made faster, within two days, and be filed by computer, rather than on paper. The SEC will seek comment on the proposal for 45 days. Proposed changes won't take effect until approved in a second vote by the SEC. [ Next Thread | Previous Thread | Next Message | Previous Message ]