,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #egc  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #bg1 #bjai,mr4
 ,van ,holl5 7= himself & ,mrs4 ,fis*]7 
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to c>ry out a /udy 
( ,rule #aj;b#e-a trad+ plans1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,promot+ ,transp>5t ,/&>ds 
= ,corporate ,insid]s ,act4  #b4 ,,sec  
/udy  7a7 ,def9itions ,9 ?is section--  
7#a7 ! t]m ,commission means !          
,securities & ,ex*ange ,commission2     
7#b7 ! t]m ,rule #aj;b#e-a means section
 #bdj4aj;b#e-a ( title #ag1 ,code (     
,f$]al ,regulations2 &  7#c7 ! t]m trad+
 plan means a plan describ$ 9 p>agraph  
7c77#a77;i77,a77#c7 ( ,rule #aj;b#e-a4  
7b7 ,/udy  7#a7 ,9 g5]al ,! ,commission 
%all c>ry out a /udy ( :e!r ,rule       
#aj;b#e-a %\ld be am5d$ to--  7,a7 limit
 ! ability ( issu]s & issu] insid]s to  

adopt a trad+ plan to a p]iod dur+ :i* !
 issu] or issu] insid]1 z applicable1 is
 p]mitt$ to buy or sell securities dur+ 
issu]-adopt$ trad+ w9d[s2  7,b7 limit ! 
ability ( issu]s & issu] insid]s to     
adopt multiple trad+ plans2  7,c7       
e/abli% a m&atory delay dur+ ! p]iod    
beg9n+ on ! date on :i* a trad+ plan is 
adopt$ & end+ on ! date on :i* ! fir/   
trade is execut$ "u su* a plan2  7,d7 ) 
respect to a delay e/abli%$ "u          
subp>agraph 7,c71 & dep5d+ on ! f9d+s ( 
! ,commission "u subp>agraph 7,a7--  7i7
 impose ! same delay = trad+ plans      
adopt$ dur+ an issu]-adopt$ trad+ w9d[ z
 oppos$ to outside ( su* a w9d[2 &  7ii7
 provide an exception to su* a delay2   
7,e7 limit ! frequ5cy ) :i* issu]s &    
issu] insid]s may modify or cancel trad+
 plans2  7,f7 require issu]s & issu]    
insid]s to file ) ! ,commission any     
adoption (1 am5dm5t to1 t]m9ation (1 &  
transaction "u a trad+ plan2 or  7,g7   
require ! bo>d ( directors ( an issu] t 
has adopt$ a trad+ plan to-- 7i7 adopt  

policies gov]n+ trad+ plan practices2   
7ii7 p]iodically monitor transactions   
made "u ! trad+ plan2 &  7iii7 ensure t 
! policies ( ! issu] discuss ! use ( !  
trad+ plan 9 ! context ( guidel9es or   
requirem5ts ) respect to equity h$g+1   
hold+1 & own]%ip4  7#b7 ,additional     
consid]ations ,9 c>ry+ out ! /udy       
requir$ "u p>agraph 7#a71 ! ,commission 
%all consid]1 ) respect to ea* am5dm5t  
consid]$ by ! ,commission "u t          
p>agraph--  7,a7 h[ ! am5dm5t may cl>ify
 & enhance exi/+ prohibitions aga9/     
insid] trad+2  7,b7 ! impact t ! am5dm5t
 may h on ! ability ( an issu] to       
attract a p]son to become an issu]      
insid]2  7,c7 ! impact t ! am5dm5t may h
 on capital =mation2  7,d7 ! impact t ! 
am5dm5t may h on ! will+ness ( an issu] 
to op]ate z a public company2 &  7,e7   
any o!r consid]ation t ! ,commission    
consid]s necess>y & appropriate = !     
protection ( inve/ors4  7c7 ,report ,n  
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,commission %all submit to 

! ,committee on ,bank+1 ,h\s+1 & ,urban 
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives a report t conta9s all  
f9d+s & det]m9ations made 9 c>ry+ out ! 
/udy requir$ "u subsection 7b74  7d7    
,rulemak+ ,aft] complet+ ! /udy requir$ 
"u subsection 7b71 ! ,commission %all1  
subject to public notice & comm5t1 am5d 
,rule #aj;b#e-a 9 a mann] t is consi/5t 
) ! results ( ! /udy4