,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bdhh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ag1         
#bjai,mr4 ,van ,holl5 introduc$ ! foll[+
 bill2 :i* 0 read twice & ref]r$ to !   
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,a ,,bill  ,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 7#ae         
,u4,s4,c4 #gh;j-#d7 ! 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
 subject to subsection 7b77#c77;,c71 )  
respect to an ev5t describ$ 9 any (     
sections #a ?r\gh #f ( ,=m #h-,k1 dur+ !
 p]iod beg9n+ on ! date on :i* ! ev5t   
occurs & end+ on ! date on :i* ! issu]  
files or furni%es a curr5t report on ,=m
 #h-,k ) respect to ! ev5t2 &  7#b7 )   
respect to an ev5t describ$ 9 section #g
 or #h ( ,=m #h-,k1 dur+ ! p]iod beg9n+ 
on ! date on :i* ! issu] det]m9es t !   
issu] w disclose ! ev5t & end+ on ! date
 on :i* ! issu] files or furni%es a     
curr5t report on ,=m #h-,k ) respect to 
! ev5t4  7b7 ,p]missible transactions ,9
 issu+ rules "u subsection 7a71 !       
,commission-- 7#a7 may exempt f ^? rules

 c]ta9 transactions z ! ,commission     
det]m9es to be appropriate1 includ+ ^?  
transactions 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$]al ,regulations1 or any successor   
regulation2  7#b7 may n exempt f ^?     
rules a transaction made by an executive
 (fic] or director ( an issu] "u a plan 
t--  7,a7 is describ$ 9 section         
#bdj4aj;b#e-a7;c77#a77;i77,a77#c7 (     
title #ag1 ,code ( ,f$]al ,regulations1 
or any successor regulation2 &  7,b7 0  
adopt$-- 7i7 ) respect to an ev5t       
describ$ 9 sections #a ?r\gh #f ( ,=m   
#h-,k1 dur+ ! p]iod beg9n+ on ! date on 
:i* ! ev5t occurr$ & end+ on ! date on  
:i* ! issu] files or furni%es a curr5t  
report on ,=m #h-,k ) respect to ! ev5t2
 &  7ii7 ) respect to an ev5t describ$ 9
 section #g or #h ( ,=m #h-,k1 dur+ !   

p]iod beg9n+ on ! date on :i* ! issu]   
det]m9es t ! issu] w disclose ! ev5t &  
end+ on ! date on :i* ! issu] files or  
furni%es a curr5t report on ,=m #h-,k ) 
respect to ! ev5t2 &  7#c7 %all exempt f
 ^? rules-- 7,a7 issu]s t are requir$ to
 adopt & adm9i/] a code ( e?ics "u      
section #bgj4ag;j-#a ( title #ag1 ,code 
( ,f$]al ,regulations1 or any successor 
regulation2  7,b7 any o!r issu] t is    
regi/]$ "u ! ,inve/m5t ,company ,act (  
#aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47 &
 ! inve/m5t advis]s ( :i* are requir$ to
 adopt & adm9i/] a code ( e?ics "u      
section #bge4bjd;,a-#a ( title #ag1     
,code ( ,f$]al ,regulations1 or any     
successor regulation2 &  7,c7 any ev5t--
 7i7 t is describ$ 9 any ( sections #a  
?r\gh #f ( ,=m #h-,k2 &  7ii7 ) respect 
to :i* ! issu] has ann\nc$ ! ev5t 9 a   
press release or o!r me?od (            
dissem9ation t complies ) ! me?od (     
public disclosure describ$ 9 section    
#bdc4aja7;e77#b7 ( title #ag1 ,code (   
,f$]al ,regulations1 or any successor   

regulation4  7c7 ,rule ( con/ruction    
,any ref]5ce 9 ?is section to a section 
( ,=m #h-,k %all be con/ru$ to ref] to t
 section ( ,=m #h-,k z 9 effect on !    
date ( enactm5t ( ?is section4  4