[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1897 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
                                S. 1897

To require disclosure of the sale of securities by an affiliate of the 
issuer of the securities to be made available to the Commission and to 
         the public in electronic form, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 24, 2002

  Mrs. Carnahan (for herself and Mr. Dayton) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To require disclosure of the sale of securities by an affiliate of the 
issuer of the securities to be made available to the Commission and to 
         the public in electronic form, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fully Informed Investor Act of 
2002''.

SEC. 2. ELECTRONIC DISCLOSURE OF AFFILIATE TRANSACTIONS.

    (a) In General.--Except as specifically provided in this Act, and 
notwithstanding any other provision of law, any disclosure required by 
the Securities and Exchange Commission of the sale of any securities by 
an officer or director or other affiliated person of the issuer of 
those securities shall be made available in electronic form--
            (1) to the Commission by the affiliated person, before the 
        end of the calendar day on which the transaction occurs;
            (2) to the public by the Commission, to the extent 
        permitted under applicable law, upon receipt, but in no case 
        later than the end of the business day on which the disclosure 
        is received under paragraph (1); and
            (3) in any case in which the issuer maintains a corporate 
        website that is accessible only internally, on that internal 
        website, before the end of the calendar day on which the 
        transaction occurs.
    (b) Other Formats.--The requirement of disclosures in electronic 
form under subsection (a) shall, at the discretion of the Commission, 
be in lieu of any other format required for such disclosures on the day 
before the date of enactment of this Act.
    (c) Incorporated Definitions.--In this Act, the terms ``affiliated 
person'', ``Commission'', ``issuer'', and ``securities'' have the same 
meanings as in section 3 of the Securities Exchange Act of 1934.

SEC. 3. EFFECTIVE DATE.

    This Act shall become effective 90 days after the date of enactment 
of this Act.
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