Revision of Holding Period Requirements in Rule 144; Section 16(a) Reporting of Equity Swaps and Other Derivative Securities

概要

The Commission is proposing to amend the holding period requirements contained in Rule 144 (d) and (k) to permit resales of ``restricted'' securities after a one-year, rather than a two-year, holding period, if the sale complies with all of the other provisions of Rule 144. Securities held by non-affiliated shareholders could be resold without restriction after a holding period of two, rather than three years. In addition, the Commission is requesting comment on whether Rule 144 should be revised to address new trading strategies, such as equity swaps, and is reminding persons subject to reporting under Section 16 of the Securities Exchange Act of 1934 (the ``Exchange Act'') that reporting of these transactions is required under the current rules.