Periodic Transaction Report Requirements

(OGE LA -12-04, 6/20/2012)

Law

The STOCK Act (Sec. 6) requires “Prompt Reporting of Financial Transactions.”

Effective Date

For transactions occurring on or after July 3, 2012.

Who is covered?

Federal employees required to file OGE Form 278 are covered.  PAS nominees are not covered.

What must I report?

Transactions exceeding $1,000 that occur:  (1) on or after later of July 3, 2012, or1^st day of service in covered position; and (2) on or before last day of service in covered position.

Includes:  Any purchase, sale, or exchange of securities you own or acquire.

Excludes:  All other assets, including: (1) real property; (2) excepted investment funds (EIF); (3) underlying holdings of an EIF, a qualified blind or diversified trust, or an excepted trust; (4) assets owned by your spouse or dependent child, if you do not also own the asset; (5) Treasuries; (6) life insurance and annuities; (7) cash accounts; (8) assets in a retirement system under title 5, USC; (9) assets in any other retirement system maintained by the US for officers or employees of the US.

How do I report?

File OGE Form 278-T with the DAEO.  Use of this form is mandatory.

New entrants must file both a new entrant report and periodic transaction reports.

When do I report?

By the earlier of:  (a) 45 days after the transaction or (b) 30 days after notification of the transaction.

First day to be counted is the first full day after the date of the triggering event.

Example:  If you receive a statement from a trust on August 10 regarding a transaction that occurred on July 31, the reporting deadline is September 9.  If, instead, the August 10 statement indicates the transaction occurred on July 1, the deadline is August 15.

Periodic transaction reports are due by the 15^th of each month, starting with August 15, 2012.  Each report must contain:  (a) transactions that occurred during previous calendar month, and (b) transactions of which the employee received notification during first fourteen days of current calendar month.

Nothing to report?

No requirement to file a negative report that no transactions occurred.

May I get an extension?

The DAEO may grant “reasonable” extensions for good cause shown, but the total length of extensions must not exceed 90 calendar days. 

Is there a penalty?

Yes.  $200 late filing fee per late report.

Agencies have the authority to waive the $200 fee in “extraordinary circumstances.” 

Duplicate reporting

Annual and termination reports require more disclosure than periodic transaction reports (e.g. spouses’ transactions).  You are not required to file duplicate reports of transactions, unless the DAEO informs you otherwise. 

You may satisfy annual and termination transaction reporting requirements by voluntarily disclosing (over-reporting) these additional asset transactions in periodic transaction reports.  Note: the 30-day and 45-day deadlines do not apply for voluntary disclosure reports.

What comes next?

The DAEO must make periodic reports public within 30 days of filing date (the latter of actual filing date or filing deadline).  DAEO must review reports within 60 days of filing.