116 STAT. 780 PUBLIC LAW 107-204-^ULY 30, 2002 appropriate exceptions from the requirements of this subsection, including exceptions for purchases pursuant to an automatic dividend reinvestment program or purchases or sales made pursuant to an advance election. (4) BLACKOUT PERIOD. —For purposes of this subsection, the term "blackout period", with respect to the equity securities of any issuer— (A) means any period of more than 3 consecutive business days during which the ability of not fewer than 50 percent of the participants or beneficiaries under all individusJ account plans maintained by the issuer to purchase, sell, or otherwise acquire or transfer an interest in any equity of such issuer held in such an individual account plan is temporarily suspended by the issuer or by a fiduciary of the plan; and (B) does not include, under regulations which shall be prescribed by the Commission— (i) a regularly scheduled period in which the participants and beneficiaries may not purchase, sell, or otherwise acquire or trsmsfer an interest in any equity of such issuer, if such period is— (I) incorporated into the individual account plan; and (II) timely disclosed to employees before becoming participants under the individual account plan or as a subsequent amendment to the plan; or (ii) any suspension described in subparagraph (A) that is imposed solely in connection with persons becoming participants or beneficiaries, or ceasing to be participants or beneficiaries, in an individual account plan by reason of a corporate merger, acquisition, divestiture, or similar transaction involving the plan or plan sponsor. (5) INDIVIDUAL ACCOUNT PLAN.— For purposes of this subsection, the term "individual account plan" has the meaning provided in section 3(34) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(34), except that such term shall not include a one-participant retirement plan (within the meaning of section 101(i)(8)(B) of such Act (29 U.S.C. 1021(i)(8)(B))). (6) NOTICE TO DIRECTORS, EXECUTIVE OFFICERS, AND THE COMMISSION.— In any case in which a director or executive officer is subject to the requirements of this subsection in connection with a blackout period (as defined in paragraph (4)) with respect to any equity securities, the issuer of such equity securities shall timely notify such director or officer and the Securities and Exchange Commission of such blackout period. (b) NOTICE REQUIREMENTS TO PARTICIPANTS AND BENEFICIARIES UNDER ERISA.— (1) IN GENERAL. — Section 101 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1021) is amended by redesignating the second subsection (h) as subsection (j), and by inserting after the first subsection (h) the following new subsection:
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