On April 4, 2012, the President signed the Stop Trading on Congressional Knowledge Act or STOCK Act (S. 2038), which amended the Ethics in Government Act of 1978 (5 U.S.C. App. § 101 et seq.) The Act has several different provisions, some of which are effective immediately, some which become effective 90 days after enactment, some which become effective on August 31, 2012, and some which do not become effective until 18 months after enactment.
Section | Subject |
Effective Date |
17 | Public financial disclosure report filers must report negotiations or agreement for future employment or compensation within 3 business days and recuse if there is a conflict or appearance of a conflict.. | Immediate |
13 | Senate-confirmed Presidential appointees (PAS) must report mortgages on their personal residences. | Immediate |
12 | OGE 278 filers may not purchase securities at initial public offerings in ways not available to the general public. | Immediate |
6 | OGE-278 filers must report transactions over $1,000 involving stocks, bonds, and commodities (not mutual funds) within 30 days of notification or 45 days of the transaction. These must be posted on the Agency web site. | July 3, 2012 |
11(a) | All 2012 OGE 278 reports and extensions of time must be posted on the Agency website. After the effective date, public reports must be posted within 30 days of filing. | August 31, 2012 |
11(b) | The Office of Government Ethics must develop systems to allow electronic filing of OGE 278s and OGE 450s (confidential financial disclosure reports). The OGE 278 system must be publicly searchable, sortable, and downloadable within 30 days of filing. | October 4, 2013 |