Bill Text: MN SF2414 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Legislature and staff and constitutional officers insider trading prohibitions; nonpublic information use for private profit prohibition
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced - Dead) 2012-03-13 - Referred to State Government Innovation and Veterans [SF2414 Detail]
Download: Minnesota-2011-SF2414-Introduced.html
1.2relating to governmental operations; legislative and executive branch ethics;
1.3prohibiting insider trading based on nonpublic information by executive branch
1.4officers, legislators, and legislative staff;amending Minnesota Statutes 2010,
1.5section 10A.09, by adding a subdivision; proposing coding for new law in
1.6Minnesota Statutes, chapters 3; 10.
1.7BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.8 Section 1. [3.057] PROHIBITION OF USE OF NONPUBLIC INFORMATION
1.9FOR PRIVATE PROFIT.
1.10The senate and the house of representatives shall, no later than the conclusion of the
1.112013 legislative session, each adopt internal rules specifically prohibiting its members and
1.12staff from using nonpublic information derived from the person's position as a member
1.13or staff, or gained from the performance of the person's duties as a member or staff, as a
1.14means of making a private profit.
1.15EFFECTIVE DATE.This section is effective the day following final enactment.
1.16 Sec. 2. [3.058] PROHIBITION OF INSIDER TRADING.
1.17Members and staff of the legislature are subject to the insider trading prohibitions
1.18arising under the federal securities laws, including section 10(b) of the federal Securities
1.19Exchange Act of 1934, United States Code, chapter 15, section 78j(b), and Securities and
1.20Exchange Commission Rule 10b-5, Code of Federal Regulations, chapter 17, section 240,
1.21adopted under that act; and under Minnesota securities laws, including section 80A.68.
1.22EFFECTIVE DATE.This section is effective the day following final enactment.
2.1 Sec. 3. [10.475] PROHIBITION OF INSIDER TRADING.
2.2The governor, lieutenant governor, secretary of state, auditor, and attorney general
2.3are subject to the insider trading prohibitions arising under the federal securities laws,
2.4including section 10(b) of the federal Securities Exchange Act of 1934, United States
2.5Code, chapter 15, section 78j(b), and Securities and Exchange Commission Rule 10b-5,
2.6Code of Federal Regulations, chapter 17, section 240, adopted under that act; and under
2.7Minnesota securities laws, including section 80A.68.
2.8EFFECTIVE DATE.This section is effective the day following final enactment.
2.9 Sec. 4. Minnesota Statutes 2010, section 10A.09, is amended by adding a subdivision
2.10to read:
2.11 Subd. 5a. Prompt reporting of certain financial transactions. A person described
2.12in section 10A.01, subdivision 35, clauses (1) to (11), shall no later than 30 days after
2.13receiving notification of completion of any transaction by the person in an amount greater
2.14than $10,000 involving the purchase or sale of any asset that is subject to reporting under
2.15subdivision 5, clause (3), (4), or (5), or under Minnesota Rules, part 4505.0900, subpart
2.167, report the transaction in writing on a form provided by the Campaign Finance and
2.17Public Disclosure Board. The person must in any event report a completed transaction no
2.18later than 45 days after completion of the transaction, regardless of the person's receipt
2.19or nonreceipt of formal notification of completion. The Campaign Finance and Public
2.20Disclosure Board shall place the information on its Web site no later than 30 days after
2.21receiving it.
2.22EFFECTIVE DATE.This section is effective for transactions completed on or
2.23after August 1, 2012.
1.3prohibiting insider trading based on nonpublic information by executive branch
1.4officers, legislators, and legislative staff;amending Minnesota Statutes 2010,
1.5section 10A.09, by adding a subdivision; proposing coding for new law in
1.6Minnesota Statutes, chapters 3; 10.
1.7BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.8 Section 1. [3.057] PROHIBITION OF USE OF NONPUBLIC INFORMATION
1.9FOR PRIVATE PROFIT.
1.10The senate and the house of representatives shall, no later than the conclusion of the
1.112013 legislative session, each adopt internal rules specifically prohibiting its members and
1.12staff from using nonpublic information derived from the person's position as a member
1.13or staff, or gained from the performance of the person's duties as a member or staff, as a
1.14means of making a private profit.
1.15EFFECTIVE DATE.This section is effective the day following final enactment.
1.16 Sec. 2. [3.058] PROHIBITION OF INSIDER TRADING.
1.17Members and staff of the legislature are subject to the insider trading prohibitions
1.18arising under the federal securities laws, including section 10(b) of the federal Securities
1.19Exchange Act of 1934, United States Code, chapter 15, section 78j(b), and Securities and
1.20Exchange Commission Rule 10b-5, Code of Federal Regulations, chapter 17, section 240,
1.21adopted under that act; and under Minnesota securities laws, including section 80A.68.
1.22EFFECTIVE DATE.This section is effective the day following final enactment.
2.1 Sec. 3. [10.475] PROHIBITION OF INSIDER TRADING.
2.2The governor, lieutenant governor, secretary of state, auditor, and attorney general
2.3are subject to the insider trading prohibitions arising under the federal securities laws,
2.4including section 10(b) of the federal Securities Exchange Act of 1934, United States
2.5Code, chapter 15, section 78j(b), and Securities and Exchange Commission Rule 10b-5,
2.6Code of Federal Regulations, chapter 17, section 240, adopted under that act; and under
2.7Minnesota securities laws, including section 80A.68.
2.8EFFECTIVE DATE.This section is effective the day following final enactment.
2.9 Sec. 4. Minnesota Statutes 2010, section 10A.09, is amended by adding a subdivision
2.10to read:
2.11 Subd. 5a. Prompt reporting of certain financial transactions. A person described
2.12in section 10A.01, subdivision 35, clauses (1) to (11), shall no later than 30 days after
2.13receiving notification of completion of any transaction by the person in an amount greater
2.14than $10,000 involving the purchase or sale of any asset that is subject to reporting under
2.15subdivision 5, clause (3), (4), or (5), or under Minnesota Rules, part 4505.0900, subpart
2.167, report the transaction in writing on a form provided by the Campaign Finance and
2.17Public Disclosure Board. The person must in any event report a completed transaction no
2.18later than 45 days after completion of the transaction, regardless of the person's receipt
2.19or nonreceipt of formal notification of completion. The Campaign Finance and Public
2.20Disclosure Board shall place the information on its Web site no later than 30 days after
2.21receiving it.
2.22EFFECTIVE DATE.This section is effective for transactions completed on or
2.23after August 1, 2012.
