SEC Keeps Insider Trade Paper Trail Rolling Smoothly
Published Date: 12/10/2025
Notice
Summary
The SEC is asking for feedback to keep collecting info on Rule 10b5-1, which helps company insiders prove they didn’t trade stocks using secret info. This affects about 8,700 people like company directors and officers who spend about 1.5 hours each year on this paperwork. No extra costs are expected, and the SEC wants to make sure the process stays clear and fair.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Annual Paperwork Burden for Insiders
If you are a company director or officer covered by Rule 10b5-1, about 8,700 people file the required information each year and each response takes about 1.5 hours. That adds up to an estimated 13,050 hours of annual time burden, and the SEC estimates respondents will not incur any monetary cost burdens from this information collection.
Certification Required to Keep Insider Defense
When adopting a new or modified Rule 10b5-1 written trading plan, company directors and officers must include a representation that (1) they are not aware of material nonpublic information about the issuer or its securities at the time of adoption and (2) they are adopting the plan in good faith and not to evade Rule 10b-5. That representation is a condition for the affirmative defense against insider trading liability under Rule 10b5-1.
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Key Dates
Department and Agencies
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