MN SF2414

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.

Members and staff of the legislature 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.

State officials and legislators must report financial transactions over $10,000 in stocks, bonds, or other reportable assets within 30 days of notification of completion, or no later than 45 days after completion regardless of notification.

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