SEC Adopts Rules Implementing Sarbanes-Oxley Blackout Period Trading Restrictions
Mondaq Business Briefing › United States Law Articles in English (2003)
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SEC Adopts Rules Implementing Sarbanes-Oxley Blackout Period Trading Restrictions
By Edward S. Best, James B. Calrson, Robert E. Curley, Scott J. Davis, Jeffrey I. Gordon, Robert A. Helman, Michael L. Hermsen, James J. Junewicz, Philip J. Niehoff, Elizabeth Raymond, Laura D. Richman, David A. Schuette, Frederick B. Thomas, Mark R. Uhrynuk and James R. WaltherOn January 15, 2003, the Securities and Exchange Commission adopted new Regulation Blackout Trading Restriction ("Regulation BTR") to implement the provisions of Section 306(a) of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley"). See Release 34-47225. Section 306(a) of Sarbanes-Oxley prohibits, except as permitted by SEC rules, the purchase, sale or other acquisition or transfer of any equity security of an issuer by a director or executive officer of the issuer during a "blackout period" if the security was acquired or would be acquired in connection with his or her service or employment as a director or executive officer. In general, a "blackout period" occurs whenever at least 50% of the participants in an issuer's in...
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