#aaf? ,,congress  #b;d ,session  ,h4 ,r4
 #dcce  ,,an ,,act  ,to am5d !          
,securities ,ex*ange ,act ( #aicd to    
require ! ,securities & ,ex*ange        
,commission to issue rules t prohibit   
(fic]s & directors ( c]ta9 companies f  
trad+ securities 9 anticipation ( a     
curr5t report1 & = o!r purposes4  #a4   
,%ort title ,?is ,act may be cit$ z !   
#h-,k ,trad+ ,gap ,act ( #bjai4  #b4    
,prohibition on c]ta9 trad+ 9           
anticipation ( a curr5t report ,!       
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;a et seq47 is am5d$ by    
ins]t+ aft] section #aj;,d ! foll[+3    
#aj;,e4 ,prohibition on c]ta9 trad+ 9   
anticipation ( a curr5t report  7a7     
,prohibition ,n lat] ?an #a ye> aft] !  
date ( enactm5t ( ?is section1 !        
,commission %all issue rules t require  
ea* issu] t is subject to report+       
requirem5ts "u section #ac7;a7 or       
#ae7;d7 to e/abli% & ma9ta9 policies1   
controls1 & proc$ures t are reasonably  
design$ to prohibit executive (fic]s &  

directors ( ! issu] f pur*as+1 sell+1 or
 o!rwise transf]r+ any equity security (
 ! issu]1 directly or indirectly-- 7#a7 
) respect to an ev5t describ$ 9 sections
 #a ?r\gh #f ( ,=m #h-,k1 betwe5--  7,a7
 ! occurr5ce ( su* ev5t2 &  7,b7 ! fil+ 
or furni%+ ( a curr5t report on ,=m     
#h-,k ) respect to su* ev5t2 &  7#b7 )  
respect to an ev5t describ$ 9 section #g
 or #h ( ,=m #h-,k1 betwe5-- 7,a7 ! date
 on :i* ! issu] det]m9es t x w disclose 
su* ev5t2 &  7,b7 ! fil+ or furni%+ ( a 
curr5t report on ,=m #h-,k ) respect to 
su* ev5t4  7b7 ,p]missible transactions 
,9 issu+ rules "u subsection 7a71 !     
,commission--  7#a7 may exempt c]ta9    
transactions t ! ,commission det]m9es is
 appropriate1 includ+ ^? t-- 7,a7 occur 
automatically2  7,b7 are made pursuant  
to an advance election2 or  7,c7 except 
z provid$ 9 p>agraph 7#b71 involve a    
pur*ase or sale ( equity securities t   
satisfies ! conditions "u section       
#bdj4aj;b#e-a7;c7 ( title #ag1 ,code (  
,f$]al ,regulations2  7#b7 may n exempt 

f ^? rules a transaction made by an     
executive (fic] or director ( an issu]  
"u a plan t-- 7,a7 is describ$ 9 section
 #bdj4aj;b#e-a7;c77#a77;i77,a77#c7 (    
title #ag1 ,code ( ,f$]al ,regulations2 
&  7,b7 0 adopt$-- 7i7 ) respect to an  
ev5t describ$ 9 sections #a ?r\gh #f (  
,=m #h-,k1 betwe5--  7,i7 ! occurr5ce ( 
su* ev5t2 &  7,,ii7 ! fil+ or furni%+ ( 
a curr5t report on ,=m #h-,k ) respect  
to su* ev5t2 &  7ii7 ) respect to an    
ev5t describ$ 9 section #g or #h ( ,=m  
#h-,k1 betwe5-- 7,i7 ! date on :i* !    
issu] det]m9es t x w disclose su* ev5t2 
&  7,,ii7 ! fil+ or furni%+ ( a curr5t  
report on ,=m #h-,k ) respect to su*    
ev5t2 &  7#c7 %all exempt f ^? rules--  
7,a7 issu]s requir$ to adopt & adm9i/] a
 code ( e?ics pursuant section          
#bgj4ag;j-#a ( title #ag1 ,code ( ,f$]al
 ,regulations1 & any o!r issu]s regi/]$ 
"u ! ,inve/m5t ,company ,act ( #aidj ^: 
inve/m5t advis]s are requir$ to adopt & 
adm9i/] a code ( e?ics pursuant to      
section #bge4bjd;,a-#a ( title #ag1     

,code ( ,f$]al ,regulations2 &  7,b7 any
 ev5t :]e su* ev5t is describ$ 9        
sections #a ?r\gh #f ( ,=m #h-,k & !    
issu] has ann\nc$ su* ev5t 9 a press    
release or o!r me?od ( dissem9ation t   
complies ) ! requirem5ts ( section      
#aja7;e77#b7 ( ,regulation ,,fd 7#ag    
,,cfr ,"p #bdc4aja7;e77#b774  4  ,pass$ 
! ,h\se ( ,repres5tatives ,janu>y #ac1  
#bjbj4;,cl]k4