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Accelerated Form 4 Reporting Requirements Under the Sarbanes-Oxley Act of 2002

On July 30, 2002, President Bush signed into law the Sarbanes-Oxley Act of 2002, which enacted a number of reforms regarding the oversight of public auditors, improving corporate governance and requiring greater executive responsibility and accountability. Among these reforms, Section 403 of the Act amends Section 16(a) of the Securities Exchange Act of 1934 to shorten the deadline to two business days for corporate insiders to report changes in their beneficial ownership of securities. Section 403 of the Act required the Securities and Exchange Commission to adopt implementing regulations by August 29, 2002.


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