The Sarbanes-Oxley Act of 2002 requires all insider trading reports (Forms 3, 4 and 5)  under Section 16 of the Securities Exchange Act of 1934 to be filed electronically on EDGAR and simultaneously made available on issuer websites beginning no later than July 30, 2003.  In December 2002, the Securities and Exchange Commission proposed rules to implement the mandatory electronic filing and website posting required by Sarbanes-Oxley.  See SEC Release No. 33-8170 (which is available at http://www.sec.gov/rules/proposed/33-8170.htm).  The comment period on such proposals expired February 10.  Although the proposed rules have not yet been finalized, the SEC has indicated that it may make electronic filing and website posting mandatory before the July 30 deadline.

The SEC has now announced the creation of a new website for on-line preparation and submission of Forms 3, 4 and 5.  The new website is intended to help individuals meet the electronic filing obligation that will go into effect later this year.  The new site is at https://www.onlineforms.edgarfiling.sec.gov/.  It is currently available for test filings using the existing EDGAR template system.  After April 25, the new site will go “live” and will no longer be available for test filings using the existing template system.  From April 25 until electronic filings become mandatory, Forms 3, 4 and 5 may be filed either electronically (using the new website system or a private company software product) or on paper.  Paper filings will be eliminated as an alternative after electronic filing becomes mandatory.

Instructions for using the new website system are included in Volume III of the EDGAR Filer Manual, Version 8.5, available in draft form at http://www.sec.gov/info/edgar/filermanual85.htm. The SEC is requesting comments and suggestions regarding the insider reporting website.