Zeev's Turnips Patch-No Politics (ZEEV)

[sylvester80]

SEC Wants Web Posting of Stock Dealings [I LIKE THAT!]
Wednesday December 18, 10:58 am ET

http://biz.yahoo.com/rb/021218/financial_holdings_sec_1.html

WASHINGTON (Reuters) - The Securities and Exchange Commission proposed on Wednesday rules requiring Internet posting of company insider stock transactions, a move designed to make it easier and quicker to see who's buying and selling.

Companies currently have the choice of providing information either on paper or electronically on stock holdings and trading by company executives and directors and by holders of 10 percent or more of company shares. The new rule will require electronic distribution and the data will be made available on the commission's Web site, www.sec.gov, and on companies' sites.

"Many investors believe that these reports provide useful information regarding management's views on the performance or prospects of a company," said exiting SEC Chairman Harvey Pitt at the final public meeting of the year. Pitt resigned in November and is expected to be replaced in January by former New York Stock Exchange chairman William Donaldson.

Today's proposal will be released for at least 30 days of public comments and SEC officials hope to have the requirement in place by the spring of 2003.

The SEC was ordered by Congress to make the changes under the sweeping Sarbanes-Oxley corporate reform law signed by President Bush this summer. The measure also complements accelerated reporting requirements already required by the SEC.