MN HF2659

Senate and House must adopt internal rules by end of 2013 legislative session prohibiting members and staff from using nonpublic information gained from their position to make private profit.

Legislative members and staff are subject to federal insider trading prohibitions under Securities Exchange Act of 1934 section 10(b) and SEC Rule 10b-5, and Minnesota securities law section 80A.68.

Governor, lieutenant governor, secretary of state, auditor, and attorney general are subject to the same federal and state insider trading prohibitions.

Public officials listed in section 10A.01, subdivisions (1)-(11) must report financial transactions over $10,000 within 30 days of notification of completion, or within 45 days of transaction completion at the latest.

Campaign Finance and Public Disclosure Board must post reported transaction information on its website within 30 days of receipt, effective for transactions completed on or after August 1, 2012.