STOCK Reporting Act
On April 4, 2012, President Obama signed the Stop Trading on Congressional Knowledge Act or STOCK Act, which amended the Ethics in Government Act of 1978 (5 U.S.C. App. § 101 et seq.) Section 6 of the STOCK Act added subsection 103(l) to the Ethics in Government Act of 1978, 5 U.S.C. app. 4, § 101 et seq. (EIGA). Effective July 3, 2012, subsection 103(l) of EIGA requires that not later than 30 days after receiving notification of any transaction required to be reported under subsection 102(a)(5)(B) of EIGA, but in no case later than 45 days after such a transaction, a covered employee must file a report of the transaction.
The periodic transaction reporting requirements cover only transactions occurring on or after July 3, 2012. The law covers any purchase, sale or exchange of stocks, bonds, commodities futures, or other forms of securities owned or acquired by the covered employee when the amount of the transaction exceeds $1,000. The Corporation for National and Community Service is required to make periodic transaction reports publicly available within 30 days of the filing date.