SEC Amendments Will Accelerate Filing of Insider Trading Reports

Washington, DC, August 29, 2002 - The SEC recently adopted amendments to rules requiring company insiders to report a change in ownership or purchase or sale of securities within two business days of the date the transaction is executed. The amendments, which implement provisions of the Sarbanes-Oxley Act of 2002, are effective August 29, although the SEC will accept comments on the amendments until September 30, 2002.

The adopted amendments identify the execution date as the day the reporting person is notified that the transaction was executed. In addition, the two business-day rule is calculated differently for certain transactions where the reporting person does not select the date of execution.

The SEC also announced that it intends to initiate rulemaking that will make electronic filing of certain reports-using the EDGAR system-mandatory. The adopted amendments require electronic filing of change-of-beneficial-ownership reports by no later than one year following the enactment of the amendments.