SEC Renews Insider Trading Plan Confirmation Process
Published Date: 2/12/2026
Notice
Summary
The SEC is asking to keep collecting info from company leaders who use special trading plans to avoid insider trading trouble. These leaders must confirm they didn’t know secret info when setting up their plans. About 8,700 people spend 1.5 hours each year on this, with no extra costs, and the SEC wants to extend this process without changes.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Extension of Rule 10b5-1 Collection
If you are a company director or officer who uses a Rule 10b5-1 trading plan, the SEC has asked OMB to extend the current collection of information without changes. The SEC estimates about 8,700 respondents spend 1.5 hours each year on this collection, and the request is open for comment through March 16, 2026.
Must Certify No MNPI When Adopting Plan
If you adopt or modify a Rule 10b5-1 plan, you must include a written representation that at adoption you were not aware of material nonpublic information and that you adopted the plan in good faith and not to evade Rule 10b-5. That representation is a condition to claiming the Rule 10b5-1 affirmative defense, and the information is not required to be publicly filed with the SEC.
Estimated Annual Burden and Costs
The SEC estimates Rule 10b5-1 information collection takes 1.5 hours per response, is filed by about 8,700 respondents annually, and totals 13,050 burden hours per year. The SEC also estimates respondents will not incur any monetary cost burdens from this information collection.
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