The proposal, running ahead of a Congressional order to begin electronic filing by July 2003, would require corporate officers, directors and individuals that own 10% or more of a company’s stock to use the SEC’s Edgar system to post stock transactions online, on either the company’s or SEC’s Web site.
Outgoing SEC Chairman Harvey Pitt said the new proposal will allow investors to track insider transactions online “in real-time and at no cost.”
SEC corporation finance director Alan Beller said the SEC is developing an online form to make electronic filing easier. Testing will start in the spring and Beller predicts an all-electronic system would be in place before midyear.
The SEC will seek public comment on the proposal for 45 days. Proposed changes will not take effect until the SEC gives final approval.
The proposal is online at http://www.sec.gov/news/digest/12-18.txt