Congress 45-Day Disclosure Rule: Calculate the Earlier Deadline
A covered congressional securities transaction over $1,000 must be disclosed by the earlier of 30 days after notification and 45 days after the transaction.
The phrase “45-day rule” describes the outer limit for a Periodic Transaction Report (PTR). It does not give every filer 45 days. To interpret a report, distinguish the transaction date, notification date, filing date and date the public could first access it. Those dates answer different questions.
Calculate both deadlines
Start with the transaction date plus 45 calendar days and the notification date plus 30 calendar days. The earlier date controls. For a hypothetical June 1 transaction notified on June 5, the two dates are July 16 and July 5; July 5 is the deadline. Do not use settlement date as a substitute for the disclosed transaction date.
Weekends do not extend PTR deadlines
House instructions explicitly say PTR deadlines do not move to the next business day. Electronic filing remains available on the due date; paper filing must meet the chamber’s preceding-business-day requirements. This differs from some annual-report deadlines. A PTR can contain several transactions, but each transaction has its own deadline.
Late does not mean a $200 fee is immediately due
The House and Senate guidance distinguish a missed deadline from the additional 30-day period before late-filing fees apply. The House uses escalating rules for repeated late PTR filings; waivers and other enforcement provisions also exist. A late fee is not a universal maximum sanction for false or missing disclosures. Consult the relevant chamber’s instructions for an actual case.
Read a delay flag as a screening aid
Pineify displays transaction and filing dates and a derived delay in its Congress table. This is useful for locating records to inspect. A delay calculated from transaction date alone cannot establish whether the earlier notification-based deadline was met, whether a fee was paid, or whether an amendment changes the record. An unavailable filing is not proof that no trade occurred.
Official disclosure sources
House financial disclosure instructions explain reportable transactions, deadlines, exclusions and late fees. Senate financial disclosure guidance covers Senate filing requirements and access. Check the original report and any amendments before relying on a third-party summary.
FAQ
Frequently Asked Questions
Is the deadline always 45 days?
No. It is the earlier of 30 days after notification and 45 days after the transaction for covered transactions.
Does a weekend give a filer until Monday?
Not for PTRs. Electronic reports remain due on the deadline; paper reports have preceding-business-day requirements. Use the relevant chamber’s current instructions.
Can one PTR list several trades?
Yes. Multiple transactions can appear on one report, but each retains its own filing deadline.
Are spouse transactions covered?
Covered transactions of the member, spouse and dependent children are generally reportable, subject to applicable exclusions. The owner field should be checked before attributing a transaction to the member personally.
Does a late flag prove insider trading?
No. Reporting timeliness and unlawful use of material nonpublic information are separate questions. A flag does not establish intent, liability or trading profit.