{"abstract":"We are adopting rules that clarify the application and prevent evasion of Section 306(a) of the Sarbanes-Oxley Act of 2002. Section 306(a) prohibits any director or executive officer of an issuer of any equity security from, directly or indirectly, purchasing, selling or otherwise acquiring or transferring any equity security of the issuer during a pension plan blackout period that temporarily prevents plan participants or beneficiaries from engaging in equity securities transactions through their plan accounts, if the director or executive officer acquired the equity security in connection with his or her service or employment as a director or executive officer. In addition, the rules specify the content and timing of the notice that issuers must provide to their directors and executive officers and to the Commission about a blackout period. The rules are designed to facilitate compliance with the will of Congress as reflected in Section 306(a), and to eliminate the inequities that may result when pension plan participants and beneficiaries are temporarily prevented from engaging in equity securities transactions through their plan accounts.","action":"Final rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2003/01/28/03-1884.html","cfr_references":[{"chapter":null,"citation_url":null,"part":240,"title":17},{"chapter":null,"citation_url":null,"part":245,"title":17},{"chapter":null,"citation_url":null,"part":249,"title":17}],"citation":"68 FR 4338","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective Date: January 26, 2003. Compliance Date: Issuers must comply with Sec. 245.104(b)(3)(i) and (iii) of Regulation BTR beginning March 31, 2003.","disposition_notes":null,"docket_ids":["Release No. 34-47225","IC-25909","File No. S7-44-02"],"dockets":[],"document_number":"03-1884","effective_on":"2003-01-26","end_page":4359,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2003/01/28/03-1884.xml","html_url":"https://www.federalregister.gov/documents/2003/01/28/03-1884/insider-trades-during-pension-fund-blackout-periods","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/03-1884?publication_date=2003-01-28","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2003-01-28/03-1884/mods.xml","not_received_for_publication":null,"page_length":22,"page_views":{"count":268,"last_updated":"2026-07-26 10:15:03 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2003-01-28/pdf/03-1884.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":null,"publication_date":"2003-01-28","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2003/01/28/03-1884.txt","regulation_id_number_info":{"3235-AI71":null},"regulation_id_numbers":["3235-AI71"],"regulations_dot_gov_info":{},"regulations_dot_gov_url":null,"significant":null,"signing_date":null,"start_page":4338,"subtype":null,"title":"Insider Trades During Pension Fund Blackout Periods","toc_doc":"Pension fund blackout periods; insider trades restriction","toc_subject":"Securities:","topics":["Reporting and recordkeeping requirements","Securities"],"type":"Rule","volume":68}