Regulatory Alerts2022-12-29 | 2022-27675Added
Insider Trading Arrangements and Related Disclosures
The Securities and Exchange Commission adopted final rules amending Rule 10b5-1 to address abuses of the insider trading affirmative defense by imposing cooling-off periods, director certifications, and restrictions on overlapping plans. The amendments require issuers to disclose their insider trading policies and procedures, mandate quarterly reporting of trading arrangements, and enhance Form 4 and 5 filings to identify transactions made pursuant to such plans. Additionally, the rules introduce new disclosure requirements for equity awards granted near the release of material nonpublic information and require the reporting of bona fide gifts of securities on Form 4.
Topics
market-abuse
disclosure
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