,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #fbd  ,,in ,,the ,,house ,,of   
,,representatives  ,january #af1        
#bjai,ms4 ,waters 7for herself and ,mr4 
,mc,henry7 introduced the following     
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to require the ,securities and 
,exchange ,commission to carry out a    
study of ,rule #aj;b#e-a trading plans1 
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,promoting ,transparent ,standards for  
,corporate ,insiders ,act4  #b4 ,,sec   
study  7a7 ,study  7#a7 ,in general ,the
 ,securities and ,exchange ,commission  
shall carry out a study of whether ,rule
 #aj;b#e-a 7#ag ,c4,f4,r4 #bdj4aj;b#e-a7
 should be amended to--  7,a7 limit the 
ability of issuers and issuer insiders  
to adopt a plan described under         
paragraph 7c77#a77;i77,a77#c7 of ,rule  
#aj;b#e-a 7trading plan7 to a time when 
the issuer or issuer insider is         
permitted to buy or sell securities     

during issuer-adopted trading windows2  
7,b7 limit the ability of issuers and   
issuer insiders to adopt multiple       
trading plans2  7,c7 establish a        
mandatory delay between the adoption of 
a trading plan and the execution of the 
first trade pursuant to such a plan and1
 if so and depending on the             
,commission's findings with respect to  
subparagraph 7,a7-- 7i7 whether any such
 delay should be the same for trading   
plans adopted during an issuer-adopted  
trading window as opposed to outside of 
such a window2 and  7ii7 whether any    
exceptions to such a delay are          
appropriate2  7,d7 limit the frequency  
that issuers and issuer insiders may    
modify or cancel trading plans2  7,e7   
require issuers and issuer insiders to  
file with the ,commission trading plan  
adoptions1 amendments1 terminations and 
transactions2 or  7,f7 require boards of
 issuers that have adopted a trading    
plan to--  7i7 adopt policies covering  
trading plan practices2  7ii7           

periodically monitor trading plan       
transactions2 and  7iii7 ensure that    
issuer policies discuss trading plan use
 in the context of guidelines or        
requirements on equity hedging1 holding1
 and ownership4  7#b7 ,additional       
considerations ,in carrying out the     
study required under paragraph 7#a71 the
 ,commission shall consider--  7,a7 how 
any such amendments may clarify and     
enhance existing prohibitions against   
insider trading2  7,b7 the impact any   
such amendments may have on the ability 
of issuers to attract persons to become 
an issuer insider2  7,c7 the impact any 
such amendments may have on capital     
formation2  7,d7 the impact any such    
amendments may have on an issuer's      
willingness to operate as a public      
company2 and  7,e7 any other            
consideration that the ,commission      
considers necessary and appropriate for 
the protection of investors4  7b7       
,report ,not later than the end of the  
#a-year period beginning on the date of 

the enactment of this ,act1 the         
,commission shall issue a report to the 
,committee on ,financial ,services of   
the ,house of ,representatives and the  
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate          
containing all findings and             
determinations made in carrying out the 
study required under section 7a74  7c7  
,rulemaking ,after the completion of the
 study required under subsection 7a71   
the ,commission shall1 subject to public
 notice and comment1 revise ,rule       
#aj;b#e-a consistent with the results of
 such study4