,,ii  #aafth ,,congress  #ast ,session  
,s4 #egc  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #bg1      
#bjai,mr4 ,van ,hollen 7for himself and 
,mrs4 ,fischer7 introduced the following
 bill2 which was read twice and referred
 to the ,committee on ,banking1         
,housing1 and ,urban ,affairs  ,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 ,definitions ,in this        
section--  7#a7 the term ,commission    
means the ,securities and ,exchange     
,commission2  7#b7 the term ,rule       
#aj;b#e-a means section #bdj4aj;b#e-a of
 title #ag1 ,code of ,federal           
,regulations2 and  7#c7 the term trading
 plan means a plan described in         
paragraph 7c77#a77;i77,a77#c7 of ,rule  
#aj;b#e-a4  7b7 ,study  7#a7 ,in general

 ,the ,commission shall carry out a     
study of whether ,rule #aj;b#e-a should 
be amended to--  7,a7 limit the ability 
of issuers and issuer insiders to adopt 
a trading plan to a period during which 
the issuer or issuer insider1 as        
applicable1 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 during the period     
beginning on the date on which a trading
 plan is adopted and ending on the date 
on which the first trade is executed    
under such a plan2  7,d7 with respect to
 a delay established under subparagraph 
7,c71 and depending on the findings of  
the ,commission under subparagraph      
7,a7--  7i7 impose the same delay for   
trading plans adopted during an         
issuer-adopted trading window as opposed
 to outside of such a window2 and  7ii7 
provide an exception to such a delay2   
7,e7 limit the frequency with which     

issuers and issuer insiders may modify  
or cancel trading plans2  7,f7 require  
issuers and issuer insiders to file with
 the ,commission any adoption of1       
amendment to1 termination of1 and       
transaction under a trading plan2 or    
7,g7 require the board of directors of  
an issuer that has adopted a trading    
plan to-- 7i7 adopt policies governing  
trading plan practices2  7ii7           
periodically monitor transactions made  
under the trading plan2 and  7iii7      
ensure that the policies of the issuer  
discuss the use of the trading plan in  
the context of guidelines or            
requirements with respect to equity     
hedging1 holding1 and ownership4  7#b7  
,additional considerations ,in carrying 
out the study required under paragraph  
7#a71 the ,commission shall consider1   
with respect to each amendment          
considered by the ,commission under that
 paragraph--  7,a7 how the amendment may
 clarify and enhance existing           
prohibitions against insider trading2   

7,b7 the impact that the amendment may  
have on the ability of an issuer to     
attract a person to become an issuer    
insider2  7,c7 the impact that the      
amendment may have on capital formation2
  7,d7 the impact that the amendment may
 have on the willingness of an issuer to
 operate as a public company2 and  7,e7 
any other consideration that the        
,commission considers necessary and     
appropriate for the protection of       
investors4  7c7 ,report ,not later than 
#a year after the date of enactment of  
this ,act1 the ,commission shall submit 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs of the ,senate and 
the ,committee on ,financial ,services  
of the ,house of ,representatives a     
report that contains all findings and   
determinations made in carrying out the 
study required under subsection 7b74    
7d7 ,rulemaking ,after completing the   
study required under subsection 7b71 the
 ,commission shall1 subject to public   
notice and comment1 amend ,rule         

#aj;b#e-a in a manner that is consistent
 with the results of the study4