Firm Memoranda

Section 16 Reporting Update: SEC Allows Aggregate Form 4 and Form 5 Reporting of Same-Day, Same-Way Open Market Transactions

Date: 07/01/08

On June 25, the Securities and Exchange Commission issued a no-action letter to the Society of Corporate Secretaries & Corporate Governance Professionals indicating that it would allow "aggregate reporting of sameday, same-way open market purchases or sales on Form 4 and Form 5 under Section 16(a) of the Securities Exchange Act of 1934."1 This effectively relaxes the current rule, embodied in Instruction 4(a)(ii) to Form 4 and Form 5, whereby Section 16 filers were required to report all transactions for different prices on separate lines.2

CGR Memo - Section 16 Reporting Update - SEC Allows Aggregate Form 4 and Form 5 Reporting of Same-Day, Same-Way Open Market Transactions.pdf (pdf | 116.13 KB )